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Oil Recovers After US Supply Report Hints at Bullish Drivers

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“It’s a super bearish headline, but if you look at the underlying data, it tells a different story,” said Matt Sallee, portfolio manager at Tortoise when referring to this week’s Energy Information Administration report. “The combination of a big distillate draw, another big SPR draw and then a reversal in the exports — I think if you back those things out, this was probably a more bullish report.”



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