MCX Crude Oil Update

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MCX Crude Oil Update

As per MCX intraday research Mumbai base company report for :

 Crude regained lost ground on unexpected gasoline draw down

U.S. crude stockpiles surged last week, driven by a big rise in imports and inventory build at the key oil hub at Cushing, Oklahoma, while
gasoline drew down unexpectedly, the Energy Information Administration said on Wednesday. Crude inventories were up 13.8 million barrels in
the week to Feb. 3, compared with expectations for an increase of 2.5 million barrels. Crude imports jumped, rising 1.1 million barrels per day, with
a big increase in imports at the Gulf Coast, where crude stocks rose by 10.9 million barrels, the largest weekly rise on record, to 267.6 million
barrels. That figure is also a record. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures rose 1.1 million barrels, EIA said..
Gasoline stocks fell 869,000 barrels, versus analyst expectations for a 1.1 million-barrel gain, offsetting some of the bearish crude data. The rise in
oil prices was somewhat surprising, as the big build in stocks undermines expectations for tighter supply. However, industry group American
Petroleum Institute reported a slightly bigger crude build of 14.3 million barrels on Tuesday, so the EIA data confirmed already lofty expectations.
Speculators have maintained long positions in this market, anticipating further gains in oil as the OPEC continues to reduce production. Distillate
stockpiles, which include diesel and heating oil, rose 29,000 barrels, versus expectations for a 300,000-barrel increase, the EIA data showed.
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