Why U.S. Gulf Coast Crude Inventories Are Suddenly Jumping

Oil inventories on the U.S. Gulf Coast have grown to the highest in about ten years, adding 20 million barrels since the beginning of the month. The increase is due to stronger export demand from Asia, directing more barrels to the export hubs along the Gulf Coast. However, the buildup is temporary, Bloomberg reports, as refiners begin to ramp up operations after the end of seasonal maintenance. The increase in oil supplies directed to the Gulf Coast for exports and for local processing seems to be one of the reasons behind the substantial decline…