A decline in gasoline stocks powered a 3.6% increase in crude futures to $77.52. The decrease could have been foreseen as refineries have been idled due to deteriorating demand and unprofitable crack spreads. Refinery utilization is at 80% and crude imports are also down. Cracks are just above $5.
Distillate stocks also decreased but remain at 25 year highs. Gasoline followed crude and jumped 9.2 cents while distillate was up 7.8 cents.
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