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U.S. Crude Oil Inventories Fell Last Week

The US Department of Energy reported on December 1 that as of the week of November 26, US commercial crude oil inventories decreased by 900,000 barrels to 433.1 million barrels, gasoline inventories increased by 4 million barrels to 215.4 million barrels, and distilled oil inventories increased by 2.2 million barrels to 433.1 million barrels. 123.9 million barrels. U.S. crude oil, gasoline and distilled oil inventories last week decreased by 6%, 5%, and 9% respectively from the average of the same period in the past five years. According to a survey by S&P Global Platts, analysts originally predicted that US crude oil inventories would decrease by 2.7 million barrels last week, and gasoline and distillate inventories would increase by 900,000 barrels and 1 million barrels respectively. Crude oil inventories at Cushing, the delivery location of New York crude oil futures and the largest crude oil transshipment center in North America, increased by 1.16 million barrels to 28.54 million barrels last week, marking the third consecutive week of increase. Compared with the 58.41 million barrels at the end of last year, Cushing's crude oil inventories have been reduced by more than half since the beginning of this year, and the decline in inventories also reflects the recovery in demand. Cushing’s crude oil inventory accounted for 14% of the nation’s commercial inventory capacity, reaching 76.6 million barrels.
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