WTI crude oil prices rose, yesterday, due to a bullish report from the EIA. In its weekly statistical report, crude oil inventories fell by 4 million barrels, which was more than expected. Strong demand by US refiners caused the decline, as they continue to run at elevated rates. Gasoline and distillate inventories rose, as a result. There was a decline in demand for both fuel categories versus last year. The term structure of the WTI futures market continues to turn increasingly bullish, with a significant backwardation developing.
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