Broadbased Decline in Oil Inventories Sends Prices Higher

The DOE/EIA reported that total crude oil and petroleum products stocks plummeted -18.17 mmb to 1037.82 mmb in the week ended December 16. Crude stockpile declined -10.57 mmb to 323.58 mmb as stocks in PADD 3 and PADD 5 slumped -6.93 mmb and -4.56 mmb respectively. Cushing stock dropped -0.99 mmb to 30.20 mmb. Utilization rate increased -2.80% to 87.7%.

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Broadbased Decline in Oil Inventories Sends Prices Higher