The Other Stock Market

Since they attained 5-year highs 7 weeks ago, US gasoline stock levels have fallen by more than 8% to 210 million barrels. At the same time crude oil stocks (excluding the SPR) have risen from 314 million barrels to 329 million barrels thus far in 2007. We can trace this simultaneous increase in crude stocks and decrease in gasoline stocks to low refinery utilization – the question is, where will the market go from here, given that peak summer driving season is quickly approaching? Download here