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Whoa, that's an early Drumbeat. If some stories don't start popping up soon, I will try to stick some in there. Today's inventory report promises to be interesting. If we see anything less than a healthy gasoline build, it's off to the races again. But I think we are likely to see a build, and gasoline prices to soften by middle of June.
They ran Ethanol Demand Is Boosting Food Prices Worldwide on SlashDot yesterday. It's worth a browse and it's a good demonstration of comment moderation. If you look at the 36 3+ comments they aren't too uninformed. If you go below that into the rest of the 462 comments, well... you can see what the average computer nerd is thinking. Not much general knowledge about energy and even less about agriculture.
hence the crude oil to rise?
Crude supplies have surprised me lately; rising when I thought they would fall. Normally I would expect high refinery runs to be pulling on the inventories, but the recent refinery problems have resulted in crude builds. I won't be surprised to see another crude build, but I expect to see crude inventories fall, and gasoline and distillate inventories rise.
I know my gasoline prediction is in line with that of the analysts, but I don't think I have seen predictions for crude and distillates.
Bloomberg survey: Crude +0.6 million, Gasoline +1.20 million, Distillates +1.30 million, Refinery Utilisation +0.45%
Reuters: Crude +0.60 million, Gasoline +1.40 million, Distillates +1.20 million, Refinery utilisation +0.40%
Could it be that the SPR not buying oil is causing the rise?