On oil market, the US DOE/EIA reported that total crude oil and petroleum products stocks increased +2.17 mmb to 1244.66 mmb in the week ended May 22. Crude stockpile fell for a 4th week, by -2.80 mmb, to 479.36 mmb as inventory fell in 3 out of 5 PADDs. Cushing stock fell -0.43 mmb to 60.01 mmb. Utilization rate added +1.2% to 93.6%. Gasoline inventory dropped -3.31 mmb to 220.63 mmb although demand fell -5.11% to 9.73M bpd.
Excerpt from:
US Crude Stockpile Fell for 4th Week
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