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Why is oil price up this morning?

Posted: Wed May 24, 2023 8:00 am
by dan_s
After the markets closed yesterday, API reported the following weekly moves in U.S. petroleum inventories.

Crude inventories declined by 6,800,000 barrels
Gasoline inventories declined by 6,400,000 barrels
Distillates inventories declined by 1,770.000 barrels

If confirmed by EIA at 10:30 ET this should be a good day for our stocks.

NEXT WEEK is when the summer driving season kicks into high gear.