Gasoline cracks… EIA

More from today’s release of the EIA’s Short Term Energy Outlook, here…

”Despite the increase in the RBOB–Brent crack spread in recent weeks, it remains significantly lower than average levels for this time of year. In February, U.S. gasoline consumption combined with exports remained near 2018 levels but have failed to reduce inventory levels significantly, likely because of high refinery production. STEO estimates that U.S. gasoline production from refineries (excluding ethanol net inputs and other blending component net inputs) averaged 7.8 million barrels per day (b/d) during January and February, which would be just lower than 2018’s all-time high if confirmed in EIA’s Petroleum Supply Monthly.”