A day after the American Petroleum Institute surprised the market with a substantial inventory build, the Energy Information Administration dispelled doubts about the balance between supply and demand by reporting a draw of 1.1 million barrels for the week to January 19. This compares with a draw of 6.9 million barrels for the week to January 12. At 411.6 million barrels, inventories of crude oil in the world’s top consumer are still within the average of the seasonal range and this is the tenth straight weekly draw, according to EIA, which would only strengthen the sentiment that demand for crude in the world’s top consumer is robust. Gasoline inventories booked yet another weekly build, meanwhile, at 3.1 million barrels. In the prior week, gasoline inventories had risen by 3.6 million barrels, with production averaging 9.7 million bpd. Last week, average daily gasoline production stood at 9.4 million barrels per […]