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Crude Oil Inventory Gain Outshone By Product Draws

Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 1 million barrels to 398.5 million barrels in the week ending April 25. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.