Oil Plunges Despite Crude Stock Decline. Product Inventories Soared
BonTradeTotal crude oil and petroleum products stocks surged +3.58 mmb to 1101 mmb in the week ended June 25. Utilization rate dipped -1% to 88.4%. Crude oil inventory dropped -2.01 mmb to 363.1 mmb with the biggest draw in the West Coast (-4.34 mmb). Cushing stock fell -0.80 mmb. Gasoline stockpile increased +0.54 mmb to 218.1 mmb while the market had anticipated a drop of -0.5 mmb. Production rose +1.21% while imports soared +22.2%.
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Oil Plunges Despite Crude Stock Decline. Product Inventories Soared
