On Aug. 17, the US EIA reported that commercial crude inventories plunged by 7.056MM bbl over the week ending Aug. 12 to a three-week low as the US Strategic Petroleum Reserve saw a week-on-week release of 3.402MM bbl-the smallest weeldy release since late April. In addition, the EIA data showed a 192K-bbl rise in stocks held at the NYMEX WTI delivery point of Cushing (Oklahoma), bringing stocks at the pipeline hub to a 13-week high and placing utilization of Cushing storage capacity at 29% (excluding crude in transit).
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