Crude oil inventories for the latest week were just released by the Department of Energy and while traders were looking for a build of 1 million barrels, stockpiles actually fell by 1.466 million barrels. Even with the decline, however, inventories remain at record highs for this time of year.
Gasoline stockpiles were also forecast to rise by 1 million barrels this week, but like crude oil, inventories of gasoline saw an unexpected decline of 1.547 million barrels. Unlike crude oil, though, gasoline stockpiles remain tight and are below average for this time of year.
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