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WTI jumps after DoE reports surprise drop in weekly oil inventories

By Alexander Bueso

Date: Wednesday 13 Mar 2019

WTI jumps after DoE reports surprise drop in weekly oil inventories

(Sharecast News) - US crude oil inventories shrank unexpectedly again last week, alongside another drawdown in product inventories.
Over the week ending on 8 March, commercial oil stockpiles in the States fell by 3.9m barrels (consensus: +2.655m) versus the prior week to reach 449.1m barrels.

According to the US Department of Energy, that left them roughly 2.0% above their five-year average.

Product inventories also declined, with those gasoline down by 4.6m barrels, together with a 1.2m barrel drop in those of propane/propylene.

Gasoline inventories on the other hand did eke out a small increase of 0.4m barrels.

In parallel, domestic oil output dipped by 100,000 barrels a day to reach 12.0m b/d with refineries operating at 87.6% of capacity.

As of 1555 GMT, front monh West Texas Intermediate crude oil futures for prompt month delivery were climbing by 1.73% to $57.87 a barrel on the ICE.

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