Crude Inventory Drew More than Expected

Total crude oil and petroleum products stocks rose +3.80 mmb to 1073.7 mmb in the week ended July 15. Crude stockpile fell for a 7th consecutive week, by -3.73 mmb, to 351.73 mmb during the week as 3 out of 5 PADDs reported declines. Cushing stocks also dropped -0.98 mmb to 36.67 mmb. Utilization rate soared to 90.3%, the highest level since July 2010.

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Crude Inventory Drew More than Expected