Wholesale prices to rise today

The DOE Report has just come out with some quite bad news.

The obvious:

  • 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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