This Week In Petroleum
A Turning Point for U.S. Oil Inventories?
This week's petroleum supply data from the U.S. Energy Information Administration, which include robust builds in gasoline and distillate inventories and a slight decrease in crude oil inventories, mark a subsequent break from ten consecutive weeks of crude builds and 15 weeks of gasoline draws. Barring any unforeseen disruption in crude and product markets, this trend reversal, if confirmed in the next few weeks, may signal the start of a long-expected rebuilding of U.S. product inventories, as well as continued downward pressure on retail product prices this summer.
Posted: June 6, 2012