The joy of drivers around the US at the soothing sight of falling pump prices may prove short-lived. The weekly inventory report showed another decline in gasoline stores, and the refinery run rate is remaining stubbornly below 90%, at 88%. There was a rise in the overall utilization rate, which should continue, but things are getting somewhat tight. The distillate category is nearing historically tight levels with total storage of diesel, jet, and heating oil at 117 million barrels, which is one of the lowest levels for this time of year, since 1982.
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