Despite recent data, gasoline stocks still 7% above last year's level

Refiners have operated at highly reduced run rates the past month to try to work off supply overhang ahead of the summer driving season.

With the NYMEX 3-2-1 crack spread still struggling to hold the lower teens, industry-wide attempts to boost margins could be a case of too little too late.

Oil stocks are still below levels of a year ago. And momentum in crude futures is so overwhelming that any data point, negative or positive, within the petroleum complex can and does get spun into a bullish scenario.

So oil continues higher and refining margins stay compressed. Even though gasoline at the pump is crossing $4/gallon in some areas of the country, refiners' share of the pie is only one-third of last year's take.