Total crude oil and petroleum products stocks surged +5.13 mmb to 1109.8 mmb in the week ended July 16. This is the 6th consecutive weekly increase and is the biggest rise since May 21. Crude oil inventory surprisingly added +0.36 mmb to 353.5 mmb with the bigger. Stockpiles from the Midwest and the West Coast gained +0.98 mmb and +1.35 mmb respectively but were only partly offset by draws in the remaining 3 regions.
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Oil Inventories Surge Across the Board, Crude Slumps
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