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Crude tumbles $0.98

Posted on: June 22, 2017

The prompt month continued to tumble on Wednesday despite the positive inventory numbers. The DOE reported crude inventories fell by 2.45 million barrels with an expectation of 1 million. Gasoline numbers also came in strong with a decline of 578k barrels against the expected build of 345k barrels. Distillates inventories grew by 1.079 million barrels with an anticipated build of 736k barrels. Mostly positive news that the market more or less disregarded.

Concerns around the global glut in supply remain front and center in the minds of market participants. With US production on the rise in addition to the increased exports seen in Libya and Nigeria, eyes will be on OPEC production and how they react. Crude prices closed 98 cents in the red yesterday to settle at $42.53. Brent settled at $44.82, down $1.20.


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