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Class CNBC Interview 8/10/22
August 10, 2022
Wall Street up sharply, celebrates slowing US inflation
August 11, 2022

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US benchmark oil prices remain sharply lower, down 2.1% at $88.59 a barrel after a weekly EIA report that was mixed-to-bearish as it shows a hefty, 5.5M-barrel increase in US crude-oil inventories but an almost-as-large, 5M-barrel drop in gasoline stockpiles. “The jump in crude was much more than expected, but the decline in gasoline pares crude’s net jump,” Peter Cardillo at Spartan Capital says in an email. “Bottom Line: prices are likely to slide further as the market remains technically weak.” Implied gasoline demand increased week-on-week, which is bullish, but the four-week-average only rises to 8.9M bpd, or 6% below a year ago, which is bearish.