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The general perception is that OPEC is cutting production, which is supporting prices, but high stock levels, rising rig counts and growing U.S. production are capping gains.
…a vastly oversupplied gasoline market as providing major downward pull on crude values.
+Oil’s promised land slips away on OPEC leaks – Bloomberg
Andrew Lebow from Commodity Research Group has shared his expectations for the EIA report with us:
Crude up 2.4
Distillates down 0.4
Gasoline down 0.6
Refinery Runs down 0.8%
For more analysis and charts of today’s oil price movements, visit the Oil Prices Daily Newsletter for 2/7/17
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