Gasoline and distillate stocks are far from low.
This Week In Petroleum
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
Demand has fallen off. It should be no surprise if there are cut backs in production.
Nymex Crude Future 34.90 -1.04
Dated Brent Spot 44.23 +.35
WTI Cushing Spot 35.05 -.89
So, the NYMX and WTI are a closer match for the situation here in the u.S. And right now they are at $35.
While gasoline is still going up and refining is about 14% lower than normal (95%)
So what is the explanation for higher prices at the pump? Laymen’s explanation if possible.