FourBrane

Fuel Check

It is amusing to read stories today using "plumeted" to reference a drop of $2 and change. As for inventories, they may fall for lots of reasons...oil refiners may decide to draw down in hopes they can replace stocks later more cheaply, or, bad weather or other difficulties delay offloading tankers, or, a key supplier decided to fill an order to China ahead of our guys.
I think Jangchup has it right. It's some intermediate profit taking.
Bespoke's charts show us just what we would expect as a commodity becomes hugely more expensive: processors stop storing tons of it. Very few jewelers can afford to keep thousands of pounds of gold laying around waiting for use, but if gold were as cheap as bricks you'd see towering stacks of the stuff in the jeweler's back yard...for convenience. Same with refiners. They pay attention to dollar inventory turns llike anyone else. To fill a tank farm now takes twice as much money. Only a fool would keep up the old habits of filling all his tanks to the max.