As international prices inched up in the aftermath of Washington’s latest sanctions against Venezuela, the Energy Information Administration reported a build in crude oil inventories for the week to January 25. At 900,000 barrels, the build is modest, and follows an increase of 8 million barrels in the previous week. Gasoline inventories reversed four weeks of builds. In the week to January 24, these shed 2.2 million barrels. In the previous four weeks, cumulative gains in gasoline reached 26.6 million barrels . There has been growing worry that United States refiners are producing excessive amounts of gasoline, which has pressured their profit margins as the oversupply combines with sluggish demand. Last week, refineries churned out 9.9 million barrels daily of gasoline, compared with 9.6 million bpd a week earlier. In distillate fuels, the EIA reported a 1.1-million-barrels inventory decline and average daily production of 5 million barrels, versus 5.2 million bpd a week earlier. The most vital industry information will soon be right at your fingertips Join the world’s largest community dedicated entirely to energy professionals and enthusiasts Meanwhile, events in Venezuela are firmly in the spotlight. Earlier this week, the U.S. announced new sanctions on the state oil […]
