Weekly EIA petroleum report, link here:
- US crude oil in storage: a whopping 8% above the five-year average;
- US crude oil in storage increased by a staggering 16.3 million bbls;
- on top of that, the US imported almost 4% more crude oil over the past four weeks than a year ago;
- refiners have stepped way back, working at only 86.5% of their capacity; gee -- do you think there's a relationship between refining and crude oil in storage?
- distillate fuel inventories decreased by 13 million bbls last week and are back to 15% below their five-year average;
- finally, jet fuel product was up 5.7% compared with same four-week period last year.
So, why is gasoline still so expensive?
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