Strong Gasoline Exports and Low Days’ Supply Should Buoy Oil Prices

Crude oil prices are steady and have not been impacted by the news that OPEC would extend its output cuts until the end of 2018. Part of the complacency is that U.S. production is now near record highs at 9.682 million barrels a day, and part has been because this cut was well telegraphed and priced into the market.  Crude demand in the United States continues to be strong, as refiners…