EIA reports large draw in US oil inventories
This pointed to the fourth consecutive week of decreases in oil stocks.
US crude oil inventories are about 9% above the five year average for this time of year. The figure was 2% lower from the week ending December 25.
The ratio of net stocks (held at refineries and tank farms) to working storage capacities was down by 1% from the previous week at 53% for the week ending January 1.
Stock levels declined in Rocky Mountain, Gulf Coast and East Coast hubs when compared to the previous week. On the other hand, West Coast and Cushing, Oklahoma storages saw weekly increases of 4% and 1% in oil inventories, respectively. Midwest was the only storage with no change in stock levels, data further revealed.
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