America’s oil inventories are hovering around multi-year lows despite releases from the SPR. Distillate fuel oil inventories, which are most closely related to the economic cycle, are at the lowest for the time of year since 2000. An economic slowdown could help rebalance very low levels of distillate stocks. U.S. petroleum inventories are still sitting at multi-year lows for this time of the year despite record releases from the Strategic Petroleum Reserve (SPR), reports of weakening gasoline demand over the past weeks because of high prices, and a slowing economy. Commercial crude and product stockpiles have failed to rebuild over the last few months, and the low levels point to continued tight markets for gasoline and diesel in the short term, potentially supportive of oil prices. Yet, emphasis has been placed on a fall in U.S. gasoline demand in recent weeks after the national average price hit a record […]