The numbers didn't do much to slow the rally down,
What we're seeing now is that some funds had moved to the side making sure there wasn't a bearish surprise and now they are rotating back into the long side,
Retail prices are going to vary among regions but for all practical purposes $3 is a floor.
That's pretty close to a capacity pace in imports. It looks like the Saudis are more than offsetting the Iraqi loss.
By and large you had this myriad of refinery news which supported the products and pushed crude prices up.
High prices are eating into consumer demand, and the focus is on gasoline because of the upcoming driving season.
But they do provide evidence that the oil infrastructure can bounce back pretty quickly after a really bad storm. These gasoline numbers give a cushion.
It's still somewhat of a coin toss. The odds lean against the possibility of this coming up the Houston Ship Channel.
We are seeing a small deficit in gasoline supplies, and there is some concern that the heavy refinery maintenance schedule set for the end of the quarter is going to affect supplies.
Crude supply is no longer an issue. We have plenty of it. However, that crude number is being countered to some extent by the large decline in gasoline stocks.
