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Crude -> gas refinement -> retail sales pipeline is complex, many stages w different inventory and different max capacity. Spike in one spot in the start of pipeline only makes it out to the end under certain conditions.
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Complex supply chain, I believe. See the “beer distribution game” for an example system where the supply available consumer appears uncorrelated with the upstream supply.
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there are different types of crude and different refineries tooled to the crude grades they prefer. takes a long time to retool if your favourite blend disappears from the market (5 million barrels per day of russian urals blend)
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Refineries are zillion dollar investments, in a commodity business, and nobody wants one for a neigbour. They take decades to payoff, and gasoline demand might very well have already peaked. It’s a mystery :-)
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(Relative) refinery shortage, strong demand supported by multiple drivers - to include ag, just implemented subsidies. Keep your eye on diesel now- nat gas once Northern winter gets close
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