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API: Crude +3.857M, Cushing -3.289M, Gasoline +4.267M, Distillate +0.919M
Added at 4:35pm
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WTI Slides After Surprise Crude Inventory Build
WTI managed gains today on recovery (record jump in US retail sales) and virus cure hopes (trumping outbreak resurgence fears) pushing WTI back to $38. “China’s shuttering of Beijing’s schools is a significant setback to the country’s recovery from the Covid-19 virus, and it could be a real blow to the petroleum demand recovery outlook, which had been improving,” said John Kilduff, a partner at Again Capital LLC. However, US crude inventories are expected to have fallen last week amid weather-related Gulf of Mexico production losses and a drop in imports. API • Crude +3.857mm (-3.5mm exp) • Cushing ... (full story)