Just a blip in the dataUmmmmmm.... You might need to dig a little deeper.
This WAS a global gasoline demand (supply shortage) led rally.
No oil should go to storage with this curve shape. It cannot be hedged. It should all sit in the physical market.
China crude coverage ratio recently got north of 130 days of demand.
Saudi's took barrels out of the market with a high middle distilate content making the global gasoline/refining squeeze worse during the peak demand period. No longer the case.
Gasoline future prices have been falling for 3 straight weeks.