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API: Crude: +3.378M, Cushing: +3.928M, Gasoline: +0.620M, Distillates: -1.929M
#API
— Energy Insights (@EnergyAndOil) January 24, 2023
Crude: +3.378M
Cushing: +3.928M
Gasoline: +0.620M
Distillates: -1.929M#OOTT
Added at 4:39pm
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WTI Holds Losses After API Reports Biggest Cushing Build Since April 2020
Oil prices traded down today after punching up to seven-week highs with WTI back to a $79 handle after weak 'soft' survey data poured more cold water on the idea of a 'soft landing'., along with disappointing results from a handful of economic-activity bellwethers, such as Union Pacific and 3M. These results have tempered optimism for the economy in the near-term. Oil prices declined on "uncertainty about how much of a demand boost we'll see, and concerns over a weakening U.S. economy constrains the upside," said Michael Hewson, chief market analyst at CMC Markets U.K. "With the latest PMI numbers in US, Europe and ... (full story)