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Large Drop in US Gasoline Inventories Helped Oil Futures

Gordon Kristopher
Large Drop in US Gasoline Inventories Helped Oil Futures

The EIA (U.S. Energy Information Administration) released its gasoline inventory data on July 25. The EIA reported that US gasoline inventories decreased by 2.3 MMbbls (million barrels) to 233.5 MMbbls on July 13–20. However, the inventories increased by 3.3 MMbbls or 1.4% from a year ago.