Utilization Rate Above 90% Despite Sluggish Product Demand
BonTradeTotal crude oil and petroleum products stocks rose +3.19 mmb to 1104.7 mmb in the week ended July 9. Crude oil inventory slid -5.06 mmb to 353.1 mmb with the bigger draw coming from the Gulf Coast. Cushing stocks gained for the first time in 4 weeks. Utilization rate increased +0.7% to 90.5%, the highest level since January 4 2008. Unfortunately, product demand failed to match high refinery operations.
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Utilization Rate Above 90% Despite Sluggish Product Demand
