Column: U.S. petroleum stocks stabilize as industry adapts to shock - Kemp

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U.S. petroleum inventories show signs of stabilizing as domestic crude production and imports slow while refinery processing gradually increases from last month’s crisis lows.

FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Picture taken November 22, 2019. REUTERS/Angus Mordant/File Photo

Total inventories have climbed to a record 1.40 billion barrels, but the rate of increase has decelerated progressively since the second week of April . Cushing tank farms are now 72% full, down from 83% at the start of the month, with capacity to store up to an extra 21 million barrels if necessary. Gasoline stocks climbed almost 3 million barrels last week while distillates were up by almost 4 million .

 

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Wall Street rockets while Main Street rots. Trump is pandering to the wealthy elite and ignoring the rest of us.

Stabilized? It looks to me the gas stations just locked in a too high a price on purpose and threw away the market...

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