DOE data was ambiguous last week with a huge draw in crude stocks, and builds for refined products. The national stock decline was 6.8 million bbl with a specific 7.2-million bbl Gulf Coast inventory decline and a 2.1-million bbl draw at the West Coast.The data on refined products clearly pointed to more weakness relative to crude. Gasoline stocks built by 5.3 million bbl nationally, and that included very robust additions to inventory on the East Coast, Gulf Coast, and West Coast. It's hard to envision a wet market rally against this backdrop.Stats point to very plentiful gasoline supplies until refinery maintenance begins. Combined crude and feedstock input advanced to 15.92 million b/d, and the 16-million b/d threshold could be reached in the period between now and first turnarounds. The higher runs are throwing more gasoline into the market, with the Gulf Coast pumping out about 114,000 b/d more fuel.
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