Yes, gasoline prices continue to rise, as inventories are below seasonal 5 year averages... as are distillates and crude.
Thursday, June 2, 2022
Review of EIA Weekly Report for 6-2-2022
Wednesday, May 18, 2022
Weather or Not! Why Not!
3 times this past week, the notion of a tropical storm or hurricane has popped up on a certain weather forecasting model. It was the only model to indicate this potential and subsequent models did not reflect any such movements.
For the record this one and only model indicated a storm likely moving across the Florida panhandle on the 24th. A day later... nothing. A couple of days later, the indication was a storm likely moving over New Orleans on the 29th. Then nothing. Today it shows a strong disturbance just south of Cuba. Tomorrow will likely show nothing. Only one model has shown anything... all others nothing.
I am NOT forecasting a hurricane or a tropical storm in the near future... or even one at all. My point is about how 50% of the USA petroleum refining capacity is along the Gulf Coast, as well as LNG terminals.
Current inventories of crude and the various petroleum products are below the seasonal range of normal inventory. A gander at the weekly report from the EIA.gov quickly indicates the dilemma we are in. To clarify what below the seasonal range actually means... lowest of the past 5 years, based on this time of year.
We've had massive storms in the past, but were able to weather the storm, due to sufficient inventories. It would not take much of a storm to skyrocket prices from current levels. The potential for a tropical storm along the Gulf Coast, is not an unreasonable forecast for sometime this summer.
That is my point, weather you like it or not.
Are We Heading Into A Recession?
Remember back when the 2022 1st and 2nd quarter GDP numbers came in... and those politically motivated types screamed "we are in a rece...

-
This week's full report . Gasoline pump prices rose +1.4¢ for the week, but continues below year ago levels, by -3.2¢, or -1.2%. Days...
-
This week's full report . Gasoline pump prices fell -1.6¢ for the week, but continues below year ago levels, by -8.8¢, or -2.88%. Day...
-
First up is the BLS Report for CPI ...( historical releases ) The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.3 percen...