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Fundamentals

Inventories: Key Product Tanks Drain at Slower Pace

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Inventories for gasoline and diesel are still draining in the OECD but at a much slower pace than before. It is the result of the twin impact of supply and demand. Refineries are supplying more products as most run flat out to capture historic margins. Global demand for these transportation fuels is still rising but not sharply as high prices start to bite. Preliminary June inventory data for the OECD — a proxy for the world — show that the market is moving somewhat toward an equilibrium where huge inventory draws have slowed to a trickle.

Topics:
Oil Inventories, Diesel/Gasoil, Gasoline, Oil Products, Oil Prices
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