WTI and Brent rallied on Monday and Tuesday, ahead of the API inventories report as traders grew more concerned that sanctions on Iran can have a strong impact on global crude supply. (Click to enlarge) (Click to enlarge) (Click to enlarge) Chart of the Week (Click to enlarge) – The U.S. exported 913,000 bpd of gasoline in the first half of 2018, an increase of 144,000 bpd over the same period in 2017, according to the EIA . – Mexico accounted for more than half of those shipments at 504,000 bpd. – Mexico’s refineries are operating at low levels as they age and fall apart, forcing higher levels of imports from the United States. One of top priorities of Mexican president-elect Andres Manuel Lopez Obrador is to breathe new life into Mexico’s downstream sector in order to eliminate import dependence on the U.S., although it will come with a […]