Anyone but me wonder about this one. Refineries turn crude into gas(and other things). Refinery shuts down, crude goes up. Shouldn't it be gas goes up (less being produced) and crude goes down (less being refined)?
That's because the price has nothing to do with supply and demand right now - it's 100% emotion. The frothers have been in command. But they are gonna fall HARD!
"Refineries turn crude into gas(and other things). Refinery shuts down, crude goes up. Shouldn't it be gas goes up (less being produced) and crude goes down (less being refined)?"
You're right, it's just a game they're playing in order to justify getting into the government sponsored incentive program. One problem is that there are no independent speculators. All of them are connected to brokers who in turn are connected to the oil giants getting the government sponsored corporate welfare. Right now most gas contains about 1% water but refiners could put another 1% in and call it conservation then receive the incentive. It's no win for anyone except for the oil/gas giants that already made record profits.