Low U.S. Stocks Indicate Tight U.S. Market

Sources: History: EIA; Projections: Short-Term Energy Outlook, May 2001.

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• Low crude oil inventories go hand in hand with low product inventories. Product inventories were also drawn down to help meet demand, as shown with gasoline.

• The gasoline stocks – apart from other inventories – tell us something about the gasoline markets and thus gasoline prices over and above the crude oil markets.