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Distillate stocks are building well.  Diesel/heating oil stocks have risen from 103 MMB to 127 MMB since May.  That's a higher stock level than last Dec with 4-5 months left to build stock.

August is the last month of driving season and of low RVP season.  Starting in Sept, they can begin adding more and more light ends into mogas effectively increasing production just as demand starts to wane.

Barring some major political upheaval or real damage to oil facilities, oil up move is just about done.

The original estimate for mogas demand growth was 2-3%.  The price move has held that back to 1%.  It takes 2-5 years before the fleet has a significant change in MPG.  Meanwhile, people whine and pay up.

by HiD on Tue Aug 9th, 2005 at 01:49:22 AM EST

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