Investing.com - US crude oil stockpiles possibly fell as much as 4.0 million barrels last week while inventories of gasoline likely rose by an almost similar level of 3.9 million, as refiners appeared to maximize fuel production due to lucrative returns, petroleum trade group API reported Tuesday.
Typically at this time of year, demand for fuels is softer in the United States as fewer families do trip roads with children back in school or college. Yet, refiners seem to be optimizing gasoline and diesel production, incentivized by cracks. , versus the previous week’s draw of 0.828M. Last week’s build would be the first in months for Cushing, where the trade had feared inventories would fall to such critically low levels that would complicate withdrawals from the storage hub.