US Oil Stocks: Summer dip?

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Report summary

US crude oil stocks decreased by 4.3 million barrels in the week of July 10 2015 following two weeks of unexpected stock builds. The recent large decrease in crude oil stocks were almost twice as large as the build in the preceding weeks. We are continuing to hold our view that US oil stocks will continue to decline through the summer as refinery crude runs rise to record levels. These stock withdrawals support our view for 3Q 2015.

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