This was one of those days when you could not understand why the market moved in a particular direction. Crude rose above $79 and both products made sizable gains but the inventory data was inconclusive. Gasoline and crude supplies showed a build but distillate showed a greater draw than expected. Refinery utilization was up 0.7% to 79.08%. This would seem to indicate that refineries were producing gasoline and consumers were buying less than expected. The cold weather the two weeks prior probably drew down the distillate inventory to explain the distillate draw.
Today, crude +$1.83 to $79.02, gasoline +6.78 cents to $2.07, distillate +6.78 cents. With all this volatility, street price was still at $2.239.
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