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Cushing stocks decline but it's not over yet

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Report summary

Crude oil stocks in Cushing fell for the first time since November 2014. However US crude oil stocks continued to rise reaching a new high of 491 million barrels. We expect record refinery crude runs this summer would support US crude oil stock withdrawals. However the story is not over. Falling refinery crude runs towards the end of year could support crude oil stock growth if US crude oil supply continues to grow.

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