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Oil Inventories Surged, Exacerbating Concerns about Demand/Supply Fundamentals

Total crude oil and petroleum products stocks resumed the rising trend after dropping in the prior week. Total stockpiles increased +3.30 mmb to a recorded high of 11.44 mmb in the week ended September 17. Crude oil inventory gained +0.97 mmb to 358.34 mmb as 3 out of the 5 districts recorded gains which were partly offset by declines in the Midwest and Rocky Mountain. Inventory in the Midwest dropped -0.90 mmb while Cushing stock dropped for a 7th week, by -0.21 mmb, to 34.74 mmb. Note that the reading was distorted by suspension of the Enbridge pipeline which carries oiil from Canada to the Midwest. Utilization rate, however, climbed slightly to 87.8%.

Oil Inventories Surged, Exacerbating Concerns about Demand/Supply Fundamentals

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