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U.S. crude stockpiles surge on reserve releases; distillates draw down - EIA

Reuters · David Gaffen · last updated

U.S. crude stocks rose by nearly 10 million barrels last week after another big release from government reserves, while distillate inventories fell sharply, the Energy Information Administration said on Thursday. Crude inventories (USOILC=ECI) rose by 9.

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The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.

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