Media Missteps On Gasolinevalueplays
Media now touts high gasoline inventories-Don’t know where they get this.
“Gas Prices Are Falling, but Refiners Keep Making More”
Gasoline excess can weigh on U.S. oil prices that have already fallen about 40% since early October
Gasoline inventories begin a rise every year from Dec lows into Feb/Mar peak for summer driving demand. With US refined product exports hitting record levels, gasoline inventories have gradually risen to meet demand from exports. One may even infer that there has been a peak in gasoline inventories with Feb 2016/2017 nearly identical and Feb 2018 72mi BBL less hinting that demand may be rising higher than US refining capacity. We will not know if this is the case till we get Feb 2019’s data.