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Oil futures pare gains as U.S. crude stocks decline, but gasoline supplies climb sharply
The Energy Information Administration reported on Wednesday that U.S. crude inventories fell by 2.1 million barrels for the week ended Dec. 31. On average, analysts had forecast a fall of 4.4 million barrels, according to a poll conducted by S&P Global Platts. The American Petroleum Institute on Tuesday reported a 6.4 million-barrel decline, according to sources. The EIA, however, also reported weekly inventory increases of 10.1 million barrels for gasoline and 4.4 million barrels for distillates. The S&P Global Platts survey expected supply gains of 1.9 million barrels each for the gasoline and distillate ... (full story)
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WTI Slides Back Below $78 As Gasoline Demand Plunges
Oil prices extended their recent gains overnight with WTI topping $78 after very mixed data from API. The recent rally comes as OPEC+ continue to drip-feed production output at 400,000 barrels a day, as the cartel estimates a crude surplus in the first quarter. Concerns about the Covid-19 omicron variant effect on demand may be somewhat overblown if it broadly continues to yield less-severe illness, which bodes well for crude-oil demand in the long term. Still Bloomberg Intelligence Senior Energy Analyst Vince Piazza may face near-term headwinds from U.S. monetary policy. API • Crude -6.432mm (-3.65mm exp) - ... (full story)