Last updateWed, 23 Sep 2020 9pm

End-User News

API: Petroleum Market Conditions Gradually Improving

U.S. petroleum markets continued to gradually improve in July with inventories backing down from record highs and demand posting its third consecutive monthly increase since April, according to data released today in the American Petroleum Institute’s (API) July 2020 Monthly Statistical Report.

“Although the market remains uncertain, we saw encouraging signs in July with gradual rebalancing of oil supply and demand,” API chief economist Dean Forman said. “Increases in U.S. refinery throughput and capacity utilization in July – coupled with inventories receding from record highs – has reinforced expectations for the continued demand recovery.”

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