Gasoline Inventories Soar By Most In More Than 10 Years

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 |  Includes: UNG, USO
by: Bespoke Investment Group

Today's release of energy inventories from the Department of Energy showed a larger-than-expected draw in crude oil inventories (-2.357 million barrels vs. -0.3 million forecast). Despite the larger-than-expected draw, crude oil inventories remain well above average.

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The real story behind today's report, though, was the huge increase in gasoline inventories, which rose by 7.86 million barrels (expectations were for a build of 1.7 million barrels). This was the largest weekly build in gasoline stockpiles since September 2001, in the aftermath of the 9/11 attacks. Even after this build, however, current stockpiles are now only modestly above average for this time of year.

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