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Oil Prices Extend Rally as US Inventories Unexpectedly Declined

The report from the US Energy Information Administration (EIA) shows that total crude oil and petroleum products stocks slumped -10.58 mmb to 1180.97 mmb in the week ended April 13. Crude oil inventory dropped -1.07 mmb to 427.57 mmb, amidst decreases in 3 out of 5 PADDs. Stockpile in PADD 3 dropped -1.5 mmb for the week. Cushing stock dropped -1.12 mmb to 34.91 mmb. Utilization rate decreased -1.1% to 92.4%. Meanwhile, crude production increased +0.14M bpd to 10.54M bpd for the week.

For refined oil products, gasoline inventory plunged -2.97 mmb to 235.97 mmb as demand jumped +6.3% to 9.86M bpd. Production added +0.53% to 10.2M bpd while imports gained +7.63% to 0.71M bpd during the week. Distillate inventory reduced -3.12 mmb to 125.34 mmb as demand soared +4.46% to 4.36M bpd. Production fell -3.08% to 5.09M bpd while imports declined -17.6% to 0.1M bpd during the week.

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