The surge in gasoline stocks offset the positive news of a crude inventory drawdown this week, deflating sentiment surrounding crude oil prices. Gasoline stocks jumped by a stunning 6.8 million barrels for the week ending on December 1, the second consecutive week of strong builds. In fact, it’s the largest two-week increase in inventories since the beginning of this year. That bearish data was compounded by the fact that U.S. oil production data showed a jump to 9.707 million barrels per day, an all-time record high. The fact that the U.S. is now producing more oil than ever before would be big news, but everyone kind of expected this to happen at some point in 2017, with more gains in the offing for 2018. (Click to enlarge) It wasn’t all bad news for oil bulls—the EIA did report a drawdown of crude stocks by 5.6 million barrels, another strong […]