Hi All, I am trying to understand the dynamics behind US Crude and Refined Products Inventories. Is it literally just a matter of supply and demand, upstream through to pump, or are there other factors at play? Eg. Do refiners want to process more products when oil prices are low, as to capitalise on better margins? EIA doesn't go into any detail regarding the fundamental reasons for the changes in figures, it only reports what they are. I have been reading annual reports of US refiners and can't find any reference to gasoline stocks. Any info would be appreciated.