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US crude inventories began declining in April after reaching a record 535 million barrels at the end of March, while refineries ran at record rates, reaching 17.285 million barrels per day in the week ending April 21. Analysts worried that the crude surplus was simply shifting into gasoline and other refined products.
The article questioned whether the crude glut was ending or moving downstream.
Heavy refinery runs and growing product stocks weigh on crude and fuel prices, which feeds into biofuel and ethanol margins and therefore corn and soy oil demand. If the surplus moves downstream, the price rally many expected may not materialize.
oilprice.comNick CunninghamMay 2, 2017Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
