Crude Inventory Jumped Much More than Expected

According to the DOE/EIA weekly report, total crude oil and petroleum products stocks rose +0.54 mmb to 1059.46 mmb in the week ended February 24. Crude stockpile increased +4.16 mmb to 344.87 mmb although stocks gained in 4 out of 5 PADDs. Cushing stock rose +1.65 mmb to 33.81 mmb. Utilization rate decreased -1.90% to 83.6%.

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Crude Inventory Jumped Much More than Expected