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EIA: US commercial crude unexpectedly build-up last weekEIA: US commercial crude unexpectedly build-up last week |
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The Energy Information Agency reported a buildup of 8.2 million barrels in US commercial crude stocks in the week ending 1 July 2022 due to the release of strategic reserve and reduced refinery operating rates.
The US Strategic Petroleum Reserve (SPR) released 5.8 million barrels from the reserve last week.
Meanwhile, refineries in the country operated at 94.5%, down 0.5% from the week before.
However, gasoline inventories – an indicator of the demand health, fell by 2.5 million barrels, much larger than the market expected, indicating that the consumption remained resilient.
