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QP - Strong US crude exports provide safety net for storage - June 1, 2020
US commercial crude stocks rose 7.9 MMbbl the week that ended May 22, defying consensus expectations for a 1.9 MMbbl draw. Also, the flotilla of discounted Saudi cargoes that set sail in April is now unloading at American ports. According to the EIA, imports from Saudi Arabia spiked 926,000 bbl/d, or 147%, the week that ended May 22 to 1.59 MMbbl/d—their highest level since May 2014. Total crude imports rose 2.0 MMbbl/d on the......
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