The DOE Report has just come out with some quite bad news.
- Refineries operated at a measly 91.3% of capacity, down from 93.6% last week.
- Crude oil imports were down 419,000 barrels per day compared the the week before
- Gasoline production dropped compared to the week before, down to 9.2 million barrels per day
- Crude oil inventories dropped 4.1 million barrels, but remain above average.
- Gasoline inventories dropped 1.7 million barrels, remain below average, and MUCH below the consensus of a rise for this past week of 750,000 barrels
We’ll see wholesale prices rise today on that poor bullish news. We may even see us gain the 10-15 cents we just shed over the last few days. Hopefully wholesale prices stay below 2.00. We’re at 1.93 as of this writing.
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