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Crude gains $1.43

Posted on: January 12, 2017

Crude prompt futures traded through a range of $2.03 on Wednesday and closed at $52.25, gaining $1.43. Brent gained $1.46 and settled at $55.10. The market was able to shrug off the bearish the DOE storage figures which showed that crude inventories in the US increased by 4.1MM barrels, with a decrease of 579k barrels at Cushing. The market was expecting a 1.5MM barrel increase in stocks.

Gasoline was up by 5.02MM barrels and Distillates up by 8.36MM barrels with expectations coming in around 2.75MM barrels and 2.6MM barrels respectively.


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