Crude Oil Slumps as Inventory Fell Less than Expected

Total crude oil and petroleum products stocks plunged -9.16 mmb to 1069.99 mmb in the week ended December 24. Total crude oil and petroleum product stockpiles have drew for 9 consecutive weeks. Crude oil inventory dropped -1.26 mmb, compared with consensus of a -2.85 mmb fall, to 339.43 mmb. Stockpiles declined in Gulf Coast, Rocky Mountain and West Coast while soared in East Coast and Midwest. Utilization rate crawled +0.1% to 87.8%.

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Crude Oil Slumps as Inventory Fell Less than Expected