Oil Dips as Growing U.S. Fuel Supplies Cloud Summer Rebound
- Domestic gasoline stockpiles increased most since April 2020
- Crude inventories are still at the lowest since mid-February
This article is for subscribers only.
Oil closed lower as an increase in U.S. fuel stockpiles clouded the outlook for a strong demand rebound during the summer driving season.
Futures in New York ended Wednesday close to unchanged after a choppy trading session. Domestic gasoline stockpiles rose by more than 7 million barrels last week, the most since April 2020, and distillate inventories also increased, according to a U.S. government report. At the same time, a rolling average of gasoline demand ticked lower for the first time in a month despite the country entering its traditional peak fuel consumption season last week.