This from the R-Squared Energy Blog…..

I don’t think I have ever seen the forecasters miss the estimate this badly. They were forecasting a 300,000 barrel decline in gasoline stocks, and instead got a 5 million barrel decline. For the first time in a long time, inventories are now in the lower half of the normal range.

Read the whole post for the details on this. But I have not seen any really good answers for why there has been a stronger than expected drop in stocks. The quick answer seems to be that the refineries are only operating at 87 percent capacity. This is a lower than people had expected. The question is why…..