WTI oil prices rallied further, yesterday, trading above $62 for a time. The weekly inventory was the catalyst, showing a surprise inventory drawdown of crude oil inventories. The cause was a decided drop in oil imports of about 100k bpd. Refiners are operating at high rate of 93% of capacity, but the run rate had a minimal effect on inventory levels at Cushing, OK, which should been impacted more broadly. Gasoline and diesel inventories rose, easing concerns over the sufficiency of supplies. Gasoline demand was strong, however, but cheap pump prices will spur the motoring public.
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