Crude oil stockpiles going down again more than expected.
Gasoline, meaning processed, ready to use, stockpiles going up again more than expected.
My reading, the rally in POO is still based on perceptions of upcoming demand for the finished product- meaning not based on present actual demand by consumers.
Do refiners still stockpile their finished product at this stage of the season? Is summer consumption steady over the season or does it fluctuate widely?
Anyway, happy to be holding oilers but I am not going to 'go all in' or 'load up the truck' etc.
I might be tempted to buy more if there was definite evidence that consumption of gasoline/petrol/aviation gas etc was actually higher than production. Even with that signal- I would be mindful of SP levels.
Happy to hold.
IMHO DYOR
WPL@$30, page-425
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