Refinery utilization still remains very weak, with refineries still lagging in their recovery from an aggressive March maintenance schedule.
More Quotes from 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
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
Despite the moderation in refinery utilization by almost 1.2 last week, gasoline inventories rose a whopping 4.3 million barrels.
Rakesh Shankar
Inventories for this time of the year remain astoundingly above average.
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
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