Refinery Maintenance Season
Refiners are beginning their spring maintenance cycles. Reduced utilization rates, combined with higher crude input costs, are starting to tighten the supply of summer-grade blendstocks earlier than usual.
Inventory Cushion
Upside potential is being tempered by comfortable product supply. US gasoline inventories posted a sizable mid-January build of roughly 6 million barrels, ensuring ample availability for the short term.