Oil Inventories Increase More than Expected

Total crude oil and petroleum products stocks jumped +11.43 mmb to 1085.10 mmb in the week ended July 22. Crude stockpile increased for the first time in 8 weeks, by +2.30 mmb, to 354.03 mmb as driven by a +5.50 mmb increase in Gulf Coast. Cushing stocks also added +0.43 mmb to 37.10 mmb. Utilization rate dropped -2% to 88.3%.

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Oil Inventories Increase More than Expected