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We are now at 45% depleted and we don’t need to be using it…

“Davidson”: submits:

     Total US Crude Inv declines 11mil BBL(-9.6mil from working inv & -1.3mil from SPR), US Crude Prod remains 12.2mil BBL/Day, Fudge factor 1.25mil BBL/Day(8.75mil BBL/Week), US Crude Imports decline 0.4mil BBL/Day to 1.2mil BB:/Day

• US Gasoline and Refined Prod Inv were steady. Exports of Refined Prods remain steady. Refining Input remained steady.

Notable in this and recent reports is the continued pattern of SPR releases. US Crude Production adjusted for the Fudge factor remains 14-14.2mil BBL/Day range. US Working Crude Inv remains above the long-term trend as it appears refiners are gradually lowering gasoline inventories, likely to improve working capital utilization.

There are no signs of over or under-supply.

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