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QP - Crude stocks draw as production cuts meet rising demand - May 19, 2020
Continued crude storage stability is supporting near-term oil pricing along with a narrowing contango in front-month/second-month Nymex crude, which shrank by $1.10/ bbl last week. According to the EIA, commercial crude inventories fell by 745,000 bbl/d the week that ended May 8. Stocks at Cushing dropped by 3 MMbbl, the hub’s first draw since the last week in February. Meanwhile, EIA data indicated a 300,000 bbl/d contraction in Lower 48 field production to 11.2......
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