Analysts at Goldman Sachs suspect that many refiners used their springmaintenance cycle to upgrade their equipment in order to handle heavier, dirtier crudes.
Over the coming weeks gasoline prices are expected to drift higher, as they do nearly every late winter and early spring when refiners close for maintenance and switch to more expensive summer blends.
European refineries will come back on line after their usual late-winter and springmaintenance, and weak European economies are expected to gain strength.