DOE Report… mixed, look for hike

Ouch! What a terrible DOE report today, looks like large losses in gasoline stockpiles is becoming the norm. I’ll keep this short today so that I can enjoy just a little bit of vacation.

The DOE report as said was pretty rough for gasoline consumers. While oil inventories rose an amazing 9.6 million barrels, gasoline dropped by 2/3 that amount, falling under 200million barrels for the first time in recent memory. Midwest PADD lost a marginal 1 million barrels, which could have been worse, but look for wholesale prices to trade higher today. It may also lead to a price hike as the Grand Rapids area has nearly stalled on additional price drops.

Gasoline demand is also coming off its weakest numbers, demand seems to be making a comeback as prices fall under $3.

I’d look for a price hike to $3.89-$3.95 soon, but keep in mind how difficult price prediction seems to be this August.

If you can get gas under $3.80, I would strongly suggest you do so today.

Patrick

Leave a Reply

Your email address will not be published. Required fields are marked *

Please leave these two fields as-is:

Protected by Invisible Defender. Showed 403 to 1,755,031 bad guys.

 

This site uses Akismet to reduce spam. Learn how your comment data is processed.

TheGasGame.com (c) All Rights Reserved Frontier Theme