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Mylanta isn't going to help the 0.9 million barrel buildup in gasoline inventories last week; the Street was looking for a drop of 1.7 million barrels, likely on seasonal factors. The really surprising figure came from crude oil, which was up 2.9 million barrels (versus expectations of -0.2 million) to the highest level since 1990.
Of course, petroleum buildup used to be sort of a good thing back when oil was above $100 per barrel but now that we're just above $80 it's a bad thing and the market flinched on it. It means demand is pulling back, and this time it's not about prices. There's a chance there was some extra reluctance to take delivery of oil ahead of today's Fed decision, so we'll be keeping an eye out to see if this trend holds next week.
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