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The latest report from the Energy Information Agency showed a depletion of 446,000 barrels in the commercial crude inventories in the US in the week to 15 July 2022, much smaller than the market’s expectation of 1.4 million barrels. 

However, gasoline stocks rose 3.5 million barrels during the week despite the peak summer driving season, a signal that demand is weakening. 

Refinery utilization rates fell 1.2 percentage points from the week before to 93.7%.