WTI Crude Slumps Below 90 as Inventories Surged
BonTradeTotal crude oil and petroleum products stocks rose for a 2nd consecutive week, by +2.36 mmb to 1066.97 mmb in the week ended January 14. Crude oil inventory gained +2.62 mmb to 335.7 mmb. This is the first increase in crude inventory in 7 weeks. Stockpiles declined in 3 out of 5 PAD districts but the huge stock build in Gulf Coast (up +6.88 mmb) resulted in the net gain. Utilization rate dropped -3.4% to 83%.
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WTI Crude Slumps Below 90 as Inventories Surged
