The Commodities Feed: Weaker USD pushes the complex higher

From think.ing.com

The latest data from the EIA shows that US commercial crude oil inventories increased by 2.59MMbbls over the last week, though when factoring in SPR releases, total US crude oil inventories declined by 829Mbbls. The build in commercial inventories comes despite the US exporting a record 5.13MMbbls/d of crude oil over the last week, an increase of 991Mbbls/d WoW. Refined product exports also grew, helping total petroleum exports (crude and refined products) to grow by 1.96MMbbls/d WoW to a record 11.43MMbbls/d. As for refined product inventories, gasoline stocks fell by 1.48MMbbls, while distillate stocks increased by … (full story)

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