WTI oil prices caught a significant bid, yesterday, due to a surprising weekly inventory report, which showed a 7.7 million barrel decline in overall crude oil stockpiles. There was a significant rise in gasoline inventories, which bodes well for drivers hoping for lower pump prices. The cold weather had its effect causing a drop in distillate inventories. Finally, the refinery operating rate fell, as the industry adjusts to the passing of the end-of-year and winter peak demand period. The fall in crude oil inventories was a surprise precisely because of the lessening of demand from the refining sector.
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