Crude inventory data shows a build, while gasoline saw a pretty significant draw down. Mike McPartland of McNamara Securities tells TheStreet’s Jill Malandrino that is pretty typical for this time of year as the summer driving season kicks in some demand and as crack spreads widen out. The crack spread is the difference between the price of crude per barrel and the refined product, which is a key figure to be aware of. McPartland expects crude to continue to trade in a range, but if it breaks through $58, $60 could be a feasible level, especially with the seasonal trade kicking in and short traders being squeezed out with last week’s action.
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