Despite a solidly bearish inventory report, oil prices are up about 1% this morning on strong export growth by China in December. Exports soared 15%, which was unexpectedly strong. As a result, the focus on demand growth for 2013 is prevailing. Yesterday’s weekly inventory report showed large gains in gasoline and distillate fuels. Gasoline inventories are, in particular, approaching glut levels. The other bearish element of the report was the reported increase in domestic oil production, which exceeded 7.0 million bpd for the first time since 1993.
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