|SGasoline markets have not seen the build in inventories
that distillate fuel experienced.
|SIn Europe, inventories were below the typical range for the
second half of 2008 and into 2009. But
with declining demand for this product, such low inventories are not the
concern that they might be in the United States.
|SU.S. inventories built at the end of 2008 and have been on
the high side of the normal range for most of 2009. Recalling that demand for gasoline was not
hit as hard as demand for distillate, refiners kept up with gasoline demand
without oversupplying this market significantly.