Oil Slumps although Crude Inventory Rose Less than Expected, Gasoline and Distillate Stocks Fell

Total crude oil and petroleum products stocks declined for a second week, down -12.09 mmb to 1057.61 mmb in the week ended February 18. Crude oil inventory added +0.82 mmb to 346.74 mmb. While this was the 6th consecutive weekly increase in crude inventory, the magnitude shrank further. Stock-builds in East Coast, Midwest and Gulf Coast were partly offset by draws in Rocky Mountain and West Coast. Cushing stocks fell -0.22 mmb to 374.40 mmb during the week. Utilization rate fell -1.8% to 79.4%.

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Oil Slumps although Crude Inventory Rose Less than Expected, Gasoline and Distillate Stocks Fell