US crude oil processing rose to record level

Unless crude oil processing is adjusted accordingly, there will then be the risk of a massive increase in gasoline stocks, distillate stocks having already risen hugely on the back of the high processing rate in recent weeks. 

Crack spreads would then inevitably come under pressure, thus reducing the incentive for refineries to process crude oil. At a lower crude processing rate, crude oil stocks would doubtless rise again - they are already nearly 100 million barrels above the usual level for this time of year. Hopes that the decrease in US crude oil production would continue have been quashed: output climbed by a good 50,000 barrels per day last week, thus reversing a good third of the previous week's reduction, says Commerzbank.