US crude inventories declined last week, while gasoline and distillate stockpiles posted larger-than-expected builds as refinery activity increased, data from the Energy Information Administration (EIA) showed on Wednesday 17 December.
Crude oil futures extended losses on Tuesday, settling at their lowest levels since February 2021, as the potential de-escalation of the Russia-Ukraine conflict and weak Chinese economic data amplified fears of a looming global supply glut.
Across the Transpacific, capacity discipline has so far only succeeded in preventing a deeper slide. Additional blank sailings have helped carriers defend the October lows of roughly $1,400/FEU on the West Coast
The committee concluded that the deterioration in domestic industry performance was directly caused by the rise in imports. It found no evidence that other factors — such as plant maintenance shutdowns, technological disadvantages, or product quality issues — played a material role in the injury.