The irony of the oil market is that, from a physical point of view, there's **more barrel flow** today than a month ago. And, unless Middle East crude is ultimately disrupted, there would be, too, **more flow later this year** as US shale used the price spike to hedge | #OOTT

EIA's weekly update showed a 11.5m barrel #crudeoil draw, the biggest in a year, as exports rose 1m b/d to 4.4m b/d, and imports fell 0.7m b/d. Gasoline and distillate stocks posted a small rise, with refinery input down 365k b/d, while implied demand for gasoline (4-wk avg.) pic.x.com/W2zbjvDN5S

Crack spreads just keep on truckin'- good news for refiners... WTI $77.35, WCS $61.15/bbl Chicago RBOB $92.23/bbl Chicago ULSD $104.83/bbl Gulf RBOB $89.25/bbl Gulf ULSD $103.32/bbl Midcon RBOB $91.73/bbl Midcon ULSD $105/bbl NY RBOB $94.88/bbl NY ULSD $106.93/bbl

WTI crude oil $77/bbl, the national average price of gasoline is now $3.21 per gallon, and could by next week climb to its highest ever while President Trump has been in office ($3.25/gal) due to Middle East tensions.