Inventories moved up across the board, as the total of all products increased 5+MB. The SPR decreased about 1.2MB. Originally, 172M barrels were slated to be pulled, AND within 5 months(?). 129.8 Million barrels have been pulled and the drawdown has slowed significantly.
Gasoline consumption contines to decline on both y/y and m/m.
Gasoline prices are edging up, but the story is still about diesel, imo. Diesel is set to blow past the near $6 mark towards the $7 mark nationally, and hold your breath California... from current near $8, to near $9 per gallon. Much of this was explained in my previous post.
Stay tuned.
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