After last weeks absolute craze, we’re seeing prices on the wholesale market fall gently. After a good start yesterday, falling to 2.15, we ended up only down to 2.19 on the wholesale market.
Oil however, fell to its lowest point yesterday since March 21 on speculation that refiners will be able to meet gasoline demand this summer.
Analysts are looking for a 100,000 barrel gain in gasoline stockpiles (it’d be the FIRST in 13 weeks!)
In the past 12 DOE reports, gasoline stockpiles have fallen by 34 million barrels, or roughly 15%. Stockpiles contained 193.1 million barrels on April 27, almost 8% lower than the five-year average. Prices have fallen 25-30 cents from their peak of $2.455 on April 30, the highest since May 12, 2006.
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