EIA: US crude oil stocks plunge by nearly 10 million barrels
US crude oil inventories are about 5% above the five year average for this time of year. The figure was markedly down by 4% from the previous week.
The ratio of net stocks (held at refineries and tank farms) to working storage capacities was 1% lower from the previous week at 52% for the week ending January 22.
The largest decline was seen in Cushing, Oklahoma, where inventories decreased by 3% to 63% last week. Stocks were also down by 2% in East Coast and 1% in Midwest and Gulf Coast hubs.
Data further revealed that inventory levels in Rocky Mountain and West Coast hubs did not change from the previous week at 55% and 52%, respectively.
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