Reported stocks of crude and refined fuels continue to climb in the United States, pressuring on oil prices, but the stock build is concentrated in specific parts of the complex. Most of the stock build has occurred in crude petroleum and the middle distillates used for road diesel and home heating oil, while gasoline stocks have remained relatively normal. The result has been a marked weakening of diesel prices relative to gasoline since the second quarter of the year which has spread from the United States to Europe. According to the U.S. Energy Information Administration (EIA), the total volume of crude petroleum and refined products being stored in the United States hit a record 2 billion barrels this month. The […]