Way, way back in April 2016 I posted about the looming gasoline glut due to overproduction in China.. If you click the link at bottom you will open an interactive chart on the EIA website, but here is a visual as well. What you see here is imported gasoline from China and elsewhere, seeking a place to be stored. Go out and buy that F-250. You know you want to. Link to interactive chart is below.
Interactive chart is here ——> EIA Weekly Gasoline Inventory 1990-2016
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I wondered why gas seemed to decouple from oil recently where I live.
I speak holistically, the Asian gas glut is pressuring OPEC to find places to sell it.
I live outside of Chicago and gas seems to be at levels where oil was much closer to $40
Look at the gasoline inventory today from EIA. This reflects the 4th of July weekend and that is not pretty.