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EIA reported a very bullish oil storage report this week. Products and crude drew higher than normal and the big 4 storage is set to fall below the five-year average in the coming week.
In August, the big 4 (crude, gasoline, distillate, and jet fuel) all drew seasonally higher with products being the bigger driver this month.
Seasonally speaking, products are usually supposed to be flat for August. Part of the draw came from lower than expected refinery throughput, but the other part came from higher than normal demand.