US crude stocks slumped more than 14 million barrels last week in the
biggest weekly drawdown since 1999 as imports to the Gulf Coast hit a
record low, which analysts attributed to Tropical Storm Hermine.
Crude inventories fell 14.5 million barrels for the week ended Sept 2, compared with expectations for an increase of 225,000 barrels, the US Energy Information Administration said on Thursday.
It was the largest one-week draw since January 1999, particularly after a big decline in imports into the Gulf of Mexico and the US East Coast.
“I have not heard any logical explanation as to why we got a draw like this,” said Gene McGillian, senior analyst at Tradition Energy in Stamford, Connecticut.
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Crude inventories fell 14.5 million barrels for the week ended Sept 2, compared with expectations for an increase of 225,000 barrels, the US Energy Information Administration said on Thursday.
It was the largest one-week draw since January 1999, particularly after a big decline in imports into the Gulf of Mexico and the US East Coast.
“I have not heard any logical explanation as to why we got a draw like this,” said Gene McGillian, senior analyst at Tradition Energy in Stamford, Connecticut.
Click here for Free Signals OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my
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