The DOE/EIA reported that total crude oil and petroleum products stocks climbed +9.52 mmb to 1053.98 mmb in the week ended December 2. Crude stockpile rose +1.34 mmb to 336.08 mmb as stocks increased in 3 out of 5 PADDs. Cushing stock, however, fell -0.20 mmb to 31.11 mmb. Utilization rate increased +3.1% to 87.7%.
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Surge in Petroleum Stocks Sends Prices Lower
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