“Davidson” submits:
Refining remains very low seasonally. In preparation for summer demand refining should be 2mil BBL/Day higher or ~18.5mil BBL/Day of refinery inputs. The net impact is continued draw down on gasoline inventories to ~35mil BBL of gasoline inventories from the recent peak and only 2mil BBL from expected fall lows. That these levels are occurring today without the full impact of full summer driving demand and seasonally low refining inputs due to multiple upgrades suggests higher gasoline and crude prices are likely in the months ahead.
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