The gasoline draw is a bullish number, without doubt. The decline was much bigger than the 1.1 million barrels draw the Street was anticipating,
More Quotes from Jim Ritterbusch:
We're not seeing enough pickup in production or imports. This should be enough to support the whole energy complex through the balance of the week.Jim Ritterbusch
A source of support to the screen appears to be indications of increased refinery maintenance that should prove capable of reversing a dramatic 23-mil bbl up-trend in gasoline stocks during the past seven weeks. Production declines should also be driven by some slippage in gasoline yields.
Jim Ritterbusch
That's pretty close to a capacity pace in imports. It looks like the Saudis are more than offsetting the Iraqi loss,
Jim Ritterbusch
I think there is going to be a fairly precarious supply-demand balance. If we have a couple of refinery snags, there will be some product dislocations.
Jim Ritterbusch
The big thing was that products stocks were up at expense of crude. The good news is we're building products supplies the bad news is crude supplies are back down toward historic low levels.
Jim Ritterbusch
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