EIA report

Yesterday, the US Energy Information Administration (EIA) reported a Crude Oil Inventory Build up 2.5 million barrels (MMbbl) for the previous week. According to the Reuters poll, this was a “bearish surprise” as analysts expected an inventory build of just 1.0MMbbl.

Commercial crude inventories are now at 439.9 MMbbl, up from a year ago but still below the five-year average. The deficit has started to widen again, although it is already…

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