There was a draw on crude supplies but builds for gasoline and distillate while refinery utilization was down. This is the summer driving season and production is down while inventory is up. This is definitely demand deterioration. Crude prices fell for a 3rd consecutive day but were still up on a month to month basis. The background for all this is Hurricane Alex in the Gulf and about to make landfall but the oversupply of crude and product had kept prices down.
For the month, crude +$2.63, $75.63, gasoline +4.7¢, $2.0606, distillate +0.62¢, $1.9817.
No comments:
Post a Comment