Gasoline stocks fell 5 million barrels, way more than expected...all in the Midwest and Gulf Coast. The Whiting refinery outage certainly didn't help production in PADD II, and pushing the last winter grade stocks down the pipeline while the NYMEX cuve is in backwardation had a lot to do with the big drop. The RBOB crack is up $1.75 after the report.
Crude stocks rose 4.3 mililion barrels, were boosted by a jump in crude imports and a drop in refinery inputs. The biggest builds were in the Midwest and West Coast. No shock there, with a slew of refinery problems out west, and a glut of crude in the midcontinent.
Distillate demand was fairly weak, but could see a boost in next week's report from the cold weather pushing through the Upper Midwest and Northeast this week.
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