Demand Destruction Could Help America Refill Its Oil Inventories

U.S. petroleum inventories are still sitting at multi-year lows for this time of the year despite record releases from the Strategic Petroleum Reserve (SPR), reports of weakening gasoline demand over the past weeks because of high prices, and a slowing economy.   Commercial crude and product stockpiles have failed to rebuild over the last few months, and the low levels point to continued tight markets for gasoline and diesel in the short term, potentially supportive of oil prices.   Yet, emphasis has been placed on a fall in…