U.S. petroleum consumption has returned to pre-pandemic levels as businesses have reopened and internal road and air travel has resumed, but production and refining are lagging behind, which has depleted stocks.
Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world's largest oil consumer, and as pressure mounted on OPEC to increase supply.
Asia's cash premium for 380-cst high-sulphur fuel oil (HSFO) rose on Wednesday, lifted by a firmer deal in the physical market, while the prompt-month spread for the residual fuel grade widened its backwardation.
Fujairah Oil Industry Zone on Wednesday published the following weekly inventory data for oil products for the week ended Nov. 1, according to industry information service S&P Global Platts.
U.S. crude oil stockpiles rose more than expected, but gasoline inventories dwindled to a four-year low on steady demand, the Energy Information Administration said on Wednesday.