Today's EIA inventory report showed unexpectedly high builds in crude and gasoline and a modest draw in distillate and this news led to another fall in crude and distillate while gasoline showed a very modest increase. Supply is not getting any more bullish in the markets and refinery utilization is down 0.4% to 81.8%. The only anomaly is the continued rise of gasoline prices as crude falls and demand drops.
Today, WTI-87¢, $97.61; Brent+56¢, $111.56; RBOB+0.48¢, $2.8922; HO-1.73¢, $3.0455.
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