Gasoline Tests Breakout Level, Inventories are Trending Lower

Gasoline prices continue to be the driver of the petroleum complex, which makes sense as the calendar shifts into prime driving season.  Prices are 23% less than a year ago which has helped buoy demand.  Despite robust production, reformulated gasoline supplies remain on the lower end of the 3-year range which could help prices remain strong throughout the summer.

Gasoline demand has been…