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"Inventories of gasoline are about average for this time of year. Refiners have cut capacity runs to 87-88% versus 93-94% normally in an attempt to push prices higher. It seems to be working and prices appear to have put in a bottom and are moving steadily upward.
Geopolitical uncertainties are also helping to support prices. Full employment and rising wages are providing the personal income in the U.S. to support higher gasoline prices as well. The recent substantial sell off in gasoline prices from the mid-summer highs has helped boost demand as well. Gasoline usage is now up 3.0% from a year ago."
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