The U.S. Department of Energy on Wednesday said supplies of crude oil and gasoline each fell by more than 2 million barrels last week. Via FuelFix, the Energy Department said crude oil stocks are still at historically high levels and gasoline supplies remain above average. Meanwhile, supplies of distillates, propane and propylene slightly increased.
Refining margins have fallen significantly this year when compared to last year due in large part to an oversupply of gasoline. It remains to be seen how quickly the glut will recede as the summer driving season wanes.
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