The EIA reported a much larger drawdown in crude oil inventories that the previous night’s API report, and that helped further the rally in WTI prices. Inventories of crude oil were drawn down by refiners operating at a high level. They are cranking out refined product, and that was evidenced by the large builds in gasoline and distillate stockpiles. Demand for these refined products remained strong, and they were both up year-on-year, over 10% for the distillate category. Despite being well-supplied, overall, prices remain elevated.
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