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The U.S. Energy Information Agency released the most recent U.S. Petroleum Balance Sheet for the week ending August 9, 2019:
Total Stocks, including SPR, increased slightly by 2.4 million barrels, primarily due to an increase of 1.6 million barrels in Crude Oil inventories. Total Stocks remained substantially above the year-ago level: up by 69 million barrels.
As I noted in my recent article, the total draw in crude oil inventories in the month of July was the highest dating back to 1983, primarily driven by the declining crude oil imports from Saudi Arabia, but