Combined EIA crude and product inventories fell over the week ending Sept. 4 by 3.1MM bbl to 705.8MM bbl. Crude oil inventories dropped 1.9MM bbl to 360.2MM bbl, while crude stocks held in the NYMEX WTI delivery point of Cushing, Oklahoma dropped for the ninth straight week, declining 1.83MM bbl to 34.76MM bbl, the lowest level since Feb. 2012. Over the nine-week period, Cushing stocks have tumbled nearly 15MM bbl.
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