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Crude Oil Report Brent Finally Nears $100 As US Crude Inventories Hit 22-Year High, More Room For Prices To Fall- Written by Sumit Roy |
- May 31, 2012
Brent Finally Nears $100 As US Crude Inventories Hit 22-Year High, More Room For Prices To Fall
- Details
Turning to this week’s EIA inventory figures, total petroleum inventories in the U.S. rose by 5.5 mmbbl, against the five-year average of 4.8 mmbbl increase. In turn, the inventory surplus rose to 34.4 mmbbl, or 3.3 percent.
Crude oil inventories rose by 2.2 mmbbl, against the five-year average of a 0.2 mmbbl decrease. In turn, the surplus in the crude category rose to 34.3 mmbbl, or 9.8 percent.
Total crude oil inventories in the U.S. are the highest levels since 1990.
Regionally, inventories inside the Midwest fell, while inventories outside rose.
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