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NRGD - Oil - If Refinery Throughput Disappointed Then Why Aren't Product Storage Lower?
MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN
Note: This article was first published to HFI Research subscribers on June 16th. For more info about HFI Research, see here for details.
In part 2 of this week's WCTW, we will explain why product storage isn't lower. In the case of this article, we will be focusing on gasoline, distillate, and jet fuel.
In part 1 of this week's WCTW, we said that just lower refinery throughput YTD versus 2018 resulted in 36.96 million bbls of difference in crude storage change.
Given that 85-87% of the refinery throughput yield is towards gasoline,