Is it time to panic yet?

This from Robert Rapier…..

The gasoline supply situation in the U.S. is just about unprecedented, and for April it is unprecedented. If I go back to 1991 (as far back, it appears, as the EIA maintains a statistic on “days of supply”) then this week’s inventory is the 7th lowest out of 842 weeks. The lowest 6 all happened at the end of summer driving season (late August and early September). In other words, 99.2% of the time we have been in a better inventory situation than we are in right now. More importantly – again going back to 1991 – we have never had inventories this low in the month of April; just when we need to be building supplies for summer.

Last week I went out on a limb and said this week or next week gasoline inventories would turn up. My limb is starting to crack. Something has to give soon. We could be headed for record high prices to reign in demand a bit. Just hope for a mild hurricane season this year

Read the rest of Rapier’s informative post here.

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