Refiners are doing their annual turnarounds and have cut back on production by 1.2% causing inventories to fall to their lowest point in over a year but still quite high historically. The market reacted by raising crude modestly and increasing products a little bit more. Fundamentals have not changed but traders are trying to get prices to go up despite a demand shortfall. It should be noted that prices are not much different from where they were just last Friday.
Today, crude +$0.61 to $81.67, gasoline +2.44 cents to $2.2794, distillate +3.01 cents to $2.1138.
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