Daily Energy Hedger – September 1, 2011
Oil prices were mixed yesterday with crude oil prices slightly lower and gasoline prices higher. The moves seen yesterday reflected this week’s DOE report, which showed a large build in crude oil stocks and a decent drawdown in gasoline inventories. Distillate stocks were mildly higher. Adding to the disparity, refinery utilization was down 1.1%, following seasonal influences over financial ones. Refinery margins are at generous rates recently, despite the red herring of Brent differentials against WTI.