UPDATE: Crude oil inventory surged +2.76 mmb to 360.6 mmb in the week ended April 30. Compared with market expectation of a +1.1 mmb build, the actual increase was more than double and a large part of it was driven by Cushing stock which soared +1.68 mmb to a record high of 36.2 mmb. Gasoline and distillate stockpiles also rose, by +1.26 mmb and +0.57, respectively.
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Crude Rebounded after Dipping Below 80 Despite Higher-than-expected Inventory Build
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