Despite the moderation in refinery utilization by almost 1.2 last week, gasoline inventories rose a whopping 4.3 million barrels.
More Quotes from Rakesh Shankar:
We are entering spring with near-record levels of inventory. A recent cold spell notwithstanding, few people now care about surprises in this release, seeing as how total inventories are nearly 70 above average.Rakesh Shankar
This report marks a healthy start to the gasoline buildup for the summer driving season. A few more weeks of this kind of healthy build will help further assure the market that gasoline prices this summer will head south.
Rakesh Shankar
After a relatively swift recovering following the devastating hurricanes late last year, refinery utilization moderated sharply since the beginning of this year, and is yet to meaningfully recover.
Rakesh Shankar
Since these data are preliminary, it is quite possible that the Energy Information Administration data will also show gasoline demand fell in March and April when the revised monthly data are released.
Rakesh Shankar
Sturdy product inventories should help to temper market fears of energy shortages, and should help cajole broader energy prices lower in the next few weeks.
Rakesh Shankar
Inventories are extraordinarily sturdy, and OPEC's commitment, at least in the near term, to not cut production should only serve to reinforce the ample supply of oil in the market.
Rakesh Shankar
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