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Crude falls $0.20

Posted on: March 23, 2017

Early Wednesday morning prompt futures were looking at over a $1.00 loss after the publication of the bearish EIA figures, but losses were mitigated as attention shifted to lower gasoline stockpiles. So just how bearish were the EIA values exactly? A build of 4.95 million barrels was published which is higher than both the API and Bloomberg analyst forecast earlier in the week (4.5mb and 3mb, respectively).

It is important to note the 4.95mb included imports that were not able to come through the previous week due to foggy weather in the Houston shipping channel. Cushing stockpiles rose by 1.42 million barrels and American crude production increased to 9.13mbd. Rig count up to 631. Overall, WTI May prompt lost 20 cents to settle at $48.04.

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