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Gold/Mining/Energy : Big Dog's Boom Boom Room
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From: Black Blade12/10/2019 10:14:56 PM
   of 206148
 
API OIL ONVENTORY REPORT: Surprise Crude Build Threatens Oil Rally ..................................................





The American Petroleum Institute (API) has estimated a crude oil inventory build of 1.41 million barrels for the week ending December 4, compared to analyst expectations of a 2.763-million-barrel draw in inventory.

Last week saw a draw in crude oil inventories of 3.72 million barrels, according to API data. The EIA’s estimates reported a larger draw of 4.9-million barrels for that week.

After today’s reported inventory move, the net inventory moves so far this year—almost the end of the year--stand at a modest draw of 1.41 million barrels for the 50-week reporting period so far, using API data.

The API this week reported a build of 4.9 million barrels of gasoline for week ending December 4, compared to analyst expectations of a build in gasoline inventories of 2.533-million barrels for the week.

Distillate inventories saw a large build of 3.2 million barrels for the week, while Cushing inventories fell by 3.5 million barrels.

US crude oil production as estimated by the Energy Information Administration showed that production for the week ending November 29 stood at a high of 12.9 million bpd for the second week in a row—1.2 million bpd more than at the start of the year, completely undoing OPEC’s 1.2 million bpd production cut quotas for all of 2019.
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