Midwest PADD down to 46 million barrels, Chicago Premium is back!

Just took a glance at yesterdays DOE numbers once more and it looks like the Midwest PADD numbers have fallen back down to 46+ million barrels. This is the lowest we’ve seen in some time and could add 10-15 cents per gallon until local refiners kick it into high gear.

Apparently refineries in the Midwest are suffering some severe setbacks (I missed the news story, and can’t find it) but there was a fire at a refinery at some point, and its causing us to keep dropping week after week. A refinery in Coffeyville has recently restarted after the flooding there in Nebraska, so that should help a little bit, but look for local prices to stay higher because of the low amount of gasoline in storage.

Re-hikes to over $3 are definitely a possibility. Stay near full. I plan to get gas for 2.89 ASAP.

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