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Oil Markets React Indifferent To Modest Inventory Build
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, ... (full story)
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