Oil Remains Strong Depsite Rise in Inventories

Total crude oil and petroleum products stocks declined for the 5th to 1106.10 mmb in the week ended November 26. Crude oil inventory unexpectedly gained +1.07 mmb, compared with consensus of a -1.15 mmb drop, to 359.69 mmb as stockpile in the Gulf Coast jumped 2.69 mmb. Utilization rate plunged -2.9% to 82.6%.

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Oil Remains Strong Depsite Rise in Inventories