Signs Of Strong U.S. Fuel Demand Should Boost Oil Prices

U.S. gasoline and diesel inventories are drawing down and sitting below the five-year average for this time of the year, pointing to resilient fuel demand and supporting both crude oil prices and U.S. refining margins.  Although global refining margins have halved since February as Russian oil supply remains elevated despite the embargoes, U.S. refiners are optimistic about cracks going forward, and most do not see signs of fuel demand dropping.     As we head into the driving season and peak annual gasoline demand, the…