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Oil inventories inch higher, gasoline, distillate inventories surge again
The Energy Information Administration (EIA) released its weekly report today on the status of petroleum inventories in the United States. Here are some highlights: Crude oil inventories increased by 1.3 million barrels (MMbbl) to a total of 432.4 MMbbl. At 432.4 MMbbl, inventories are 7.2 MMbbl below last year (1.6%) and are 2% below the five-year average for this time of year. Inventories in Cushing, OK, the NYMEX delivery point, fell 0.5 million barrels to a total of 34.2 million barrels. The Strategic Petroleum Reserve (SPR) rose 600,000 barrels from the prior week and stands at 355.0 million barrels, 4.5% below ... (full story)