It’s more of the same with oil prices trading in a fairly narrow range. Once again, a large increase in oil inventories was ignored, and prices fluctuated between positive and negative territory, yesterday. The weekly inventory report did show a large drawdown in gasoline inventories and strong demand by drivers for gasoline and by refiners for crude oil. Prices seemed to focus more on this aspect of the report, showing supply-fatigue relating to the swelling inventories. The inventory build at the WTI delivery hub at Cushing, OK was smallish, and the debate about the tanks there ever reaching capacity.
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