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Crude Oil Inventories Watch: Week Ending 08/06/2010

Crude Oil Inventories Watch: Week Ending 08/06/2010

Inventories The Department of Energy reported that in the week ending August 6th, 2010, U.S. crude oil decreased by 3.0 million barrels, gasoline inventories increased by 0.4 million barrels, distillate inventories increased by 3.5 million barrels, and total petroleum inventories increased by 0.1 million barrels. Inventories remain at 10-year highs, while product inventories maintain record […] [...more]

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China’s 2009 Crude Oil Imports Advance to Record

China, the world’s second-largest energy consumer, increased crude oil purchases to a record last year to meet rising demand spurred by the government’s $586 billion stimulus spending. Crude oil imports reached 203.8 million metric tons last year, or 4.1 million barrels a day, according to preliminary data released by the General Administration of Customs today. […] [...more]

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Oil thirst ‘set to outstrip supply’

Growing world oil use will likely outpace the rate of new supplies in 2010, eroding the huge stockpiles of crude which have mounted around the world since the start of the global economic crisis. According to a Reuters poll of 10 top oil-tracking analysts and organisations, oil demand is predicted to rise by 1.3 million […] [...more]

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Thanksgiving’s Warmth May Sink Oil Market

It’s beginning to look a lot like Christmas in the Northeast U.S. heating-oil market, with bloated distillate stockpiles at the highest level since the Yule log was burning in 1998. With the Thanksgiving holiday a week away, temperatures are forecast to be above normal for parts of the world’s largest heating-oil market. While that likely […] [...more]

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Oil Consumption Returns to Pre-Crisis Level

South Korea’s consumption of petroleum products has returned to the level seen before the ongoing global financial crisis, a state-run oil company said in a report Wednesday. A total of 3.92 billion barrels of them were used in the first six months, up 1 percent from a year earlier, according to Korea National Oil Corporation […] [...more]

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