Refineries across the United States have reduced their total crude oil processing so far in 2019, as demand for oil products both in America and abroad has weakened, according to EIA data compiled by Reuters market analyst John Kemp. Year to date, U.S. refiners’ crude processing has declined for the first time since the 2008-2009 crisis. Faced with weaker demand at home and weakening demand abroad, and amid a fuel glut in Asia , refiners in the U.S. have processed lower volumes of crude oil so far this year. The cutting of rates has helped refiners avoid a fuel glut domestically, but lower processing rates have built an oversupply in crude, Kemp notes. The inventory builds have been weighing on crude oil prices. But at the same time, crude builds have supported refining margins, Kemp argues. According to EIA’s latest weekly inventory report , in the week to November […]