Highlights
Crude oil stocks were little changed in the June 1 week, up 0.1 million barrels to 342.3 million. But in a big plus and what may be a minus for oil prices, gasoline stocks rose 3.5 million barrels. Distillate stocks also rose, up 1.9 million barrels. Gasoline stocks, which are most closely watched at this time of year, are still very low, down 6.0 percent year-on-year. In contrast, gasoline demand, limited by high prices, is up only 1.5 percent. Refineries had been picking up production in recent weeks, but not in the latest week as capacity dipped back below 90 percent to 89.6 percent -- a factor that is likely to limit any relief for prices at the pump.