The latest American Petroleum Institute (API) weekly inventory data recorded a build of 0.94mn barrels, which was broadly in line with expectations, and sharply lower than the 4.46mn build seen last week. The data will maintain underlying concerns surrounding over-supply, but there will be some further relief surrounding a decline in gasoline stocks at the important period in late summer when demand starts to fade. There was a further draw in gasoline stocks of 1.6mn barrels following the draw of 2.1mn seen last week. In contrast, there was a big build of close to 3.0mn barrels for distillate following last week’s ... (full story)