Crude and distillate inventories saw a build while gasoline inventories saw a draw. Refinery utilization dropped 1.2% to 87.9%. Investors only seem to see the 1.2% increase in industrial output and bid gasoline and distillate up much higher than crude. Gasoline demand is up 144,000 barrels per day and analysts are zeroing in on that number in bidding product prices up. Another sign that gasoline demand is up is that crack spreads are now above $12.
Today, crude +$0.75, $77.68, gasoline +2.6¢, $2.1459, distillate +4.33¢, $2.1117.
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