It may be that summer is really here and gasoline demand will now be stronger until Labor Day. It was reported that gasoline consumption was up last week 1% while supplies were down 500 thousand barrels. WTI rose 2.2% following the gasoline supply drawdown and a crude inventory draw of 1.71 million barrels. Supporting this increase was the Papandreou government's vote of confidence victory which sets the stage for more austerity moves by that government to comply with the requirements of the French and German governments for loans to cover the sovereign debt problem. Another bullish news item was the 3.1% increase in refinery utilization to 89.2, the highest in almost a year.
Today, WTI+$2.01,$95.41; Brent+$3.26,$114.21; RBOB+9.07¢,$2.9733; HO+6.49¢,$2.9549.
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