Not everybody is betting on cheap gasolineCowen on Crude: "We forecast a 1.8MM bbl crude build, in-line with API and seasonal historical levels. Imports could increase 0.4MM bpd w/w while exports fall 0.4MM bpd. We estimate that refinery throughput will increase 0.1MM bpd w/w. The production adjustment could fall 0.1MM bpd w/w."
On Gasoline: "We forecast a 3.9MM bbl gasoline draw compared to API's 0.5MM bbl build and seasonal historical 2.6MM bbl draw. We estimate last week's demand was in-line with reported levels; our 4 week average demand is 2% below 2019 levels, compared to DOE's reading of flat. We estimate 2% lower demand from 2019 levels for this week, or a 0.5MM bpd decline w/w. We have refinery output flat w/w from our estimated level last week. Imports may also be flat w/w while exports could increase 0.2MM bpd."
