April 30, 2025
EOA’s Main Takeaway
Although inventory changes followed historical trends, the recent decline in gasoline inventories was larger and steeper than usual and the decline in crude inventories surprised traders. Cushing inventories increased but remained below the 5-year range (but now above the lows of 2014 as shown in Figure 11). Distillate inventories remain near the bottom of the five-year range. Analysts fear prolonged refinery maintenance could further reduce gasoline and distillate inventories and raise their prices.
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