WTI Ignores Bullish Inventory, Focuses on Bearish Gasoline Data (Continued from Prior Part) US gasoline inventories The EIA (US Energy Information Administration) reported that US gasoline inventories increased by 1.4 MMbbls (million barrels) to 218.8 MMbbls in the week ending September 18. Analysts surveyed by Bloomberg had expected inventories to increase by 850,000 barrels. What this means When gasoline inventories rise more than expected, it’s usually bearish for gasoline prices. Lower prices bring in less revenue for refiners such as Tesoro (TSO) and Phillips 66 (PSX) as well as refining MLPs such as Northern Tier Energy (NTI). Together, Tesoro and Phillips 66 account for ~6.4% of the Energy Select Sector SPDR ETF (XLE)... More