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Gasoline Demands are Increasing
With gasoline demand increasing for the sixth consecutive week, and refinery utilization staying stubbornly at 4% below last year’s levels, we are seeing that inventory levels are down compared to previous years at this time. This is especially a concern when you consider the heating season is basically over and refineries should be ramping up for the looming high gasoline demand driving season. All this combined with the weakened Canadian dollar; could it be gasoline prices will begin to spike over the next six weeks? And that can only mean an upward pressure on both crude and diesel prices.
By: Roger McKnight, Senior Petroleum Advisor