Energy Preview: EIA crude inventories fall 1.4 million barrels but fuels build sizably

The Energy Information Administration reported an estimated inventory decline of 1.4 million barrels for the week to December 6. In fuels, however, the EIA estimated sizable builds. The crude oil inventory figure compared with a draw of 5.1 million barrels for the previous week. A day before the EIA, the American Petroleum Institute had estimated inventory changes at a positive 499,000 barrels for the week to December 6. Gasoline inventories added 5.1 million barrels in the first week of December, with production averaging 10 million barrels daily. This compared with an increase of 2.4 million barrels for the previous week, when production averaged 9.5 million barrels daily.

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