Surplus of refined fuels like gasoline slows re-balancing Total oil inventories at record 3 billion barrels in June: IEA For almost two years, the spotlight in the global oil market has been on a surplus of crude. The latest stumble in prices has shown that the glut extends further. As the U.S. shale boom sputters and the nation’s crude inventories post the longest pullback on record, there are signs that, although stockpiles remain abundant, the excess is clearing. Oil’s retreat to a two-month low this week demonstrates that surpluses in other parts of the market, most notably refined fuels like gasoline, are holding back any lasting recovery. Combined inventories held by industrialized nations of all forms of oil — from crude to refined products to natural gas liquids — reached a record of more than 3 billion barrels last month, data from the Paris-based International Energy Agency shows. In […]