Crude inventories increased even greater than expected but crude futures still rose $0.86. The rising inventory is mostly on the West Coast and doesn't really affect the rest of the country. Refinery utilization is up as are crack spreads making much of the fundamental news bullish. Refiners are now building spring inventory and the market will probably discount inventory levels for a while.
Today, crude +$0.86, gasoline +4 cents, distillate +3 cents, street at $2.439.
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