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What Change in Inventories Could Support Oil’s Recovery?

Robert Scott
What Change in Inventories Could Support Oil’s Recovery?

According to the EIA’s (U.S. Energy Information Administration) report released on June 6, US crude oil inventories rose ~2.1 MMbbls (million barrels) to ~436.6 MMbbls in the week ended June 1. The market had expected a fall of ~2.0 MMbbls based on an S&P Global Platts survey. On June 6, US crude oil July futures fell 1.2%.