Crude Oil Rebounds as Inventory Fell Sharply

Total crude oil and petroleum products stocks slumped -15.64 mmb to 1085.15 mmb in the week ended December 10. Crude oil inventory plummetd -9.85 mmb, compared with consensus of a -2.50 mmb drop, to 346.02 mmb as driven by huge decline in PADD III stocks (-9.02 mmb). Utilization rate climbed +0.5% to 88.0%.

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Crude Oil Rebounds as Inventory Fell Sharply