Well, hold on a second- the DOE report just came out, and you can expect gasoline to rise today…
The DOE report was… BAD.
Refinery utilization DROPPED to 87.8% this week after continued refinery problems kept gasoline stockpiles from building. Gasoline stockpiles are now WELL BELOW their average for this time of year. They fell an unexpected 2.8 million barrels.
Oil inventories rose due to this, even though analysts expected them to fall 1.5 million barrels. They ended up rising 2.1 million barrels.
Midwest PADD storage dropped to the lowest since Katrina in 2005, sitting at 46.6 million barrels. Remember, the refinery at Whiting, Indiana is down to less than 1/2 of normal production.
Look for gasoline to possibly rise to 2.25 (wholesale) today, and with the bad DOE report, I’ll be looking for 3.05 at the pump tomorrow.
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