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Yes a huge gasoline draw as tanks were filled for the hurricanes where from here with the Cushing and crude builds when stocks catch up.
and largest PRICE INCREASE at pump since Katrina also (at least in our area – up over 50 cents per gallon) … Prices are still not bad historically — around $2.59 — but it will take a few months to normalize — with hopefully no more major storms for season
The bulls are out in force on back of the gasoline and IEA and OPEC raising demand picture – no intentional manipulation there however what stands out is this :
Saudi Arabia has decided to postpone the Aramco IPO – a sign they’re disappointed with the inability of OPEC quotas to boost the market and ready to get back market share?
Average gasoline prices have dropped in 45 of 50 states this week, with the national average declining nearly five cents a gallon to $2.60. This was the first weekly drop since damage from Hurricane Harvey forced refineries to close several weeks ago.
Patrick DeHaan, senior petroleum analyst for gasoline price information provider GasBuddy, said:
Gasoline production has continued to recover after Harvey. … With refineries continuing to get back online and with demand cooling off from the summer months, we have more room to see the national average drop in the week ahead. In fact, this week could see some of the largest drops in gas prices in many months.
Refineries ramped up production with gas stations now starting to pass on the lower prices.
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