Oil Prices Buoyed By Draws In Gasoline, Distillate Inventories
With the snap-back of U.S. sanctions against Iran just days away, oil markets continue to be jittery, yet prices seem to be rather oblivious to inventory reports from the United States. The EIA’s latest report , is unlikely to change that. The authority reported a build of 3.2 million barrels for the week to October 26th, a day after the API estimated inventories had risen by a hefty 5.69 million barrels , which failed to move prices down. Last week, the EIA reported an inventory build of over 6 million barrels , with gasoline and distillate fuel inventories down by 4.8 million and 2.3 million barrels, respectively. In the week to October 26th, gasoline inventories were down by 3.2 million barrels, while distillate fuel inventories were down by 4.1 million barrels. Gasoline production last week averaged 10.4 million bpd, up from 10 million bpd a week earlier. Distillate fuel output stood at 5 million bpd, unchanged on the week. Despite the positive effect on prices of the Iran sanc