U.S. refineries cut utilization rates to 81.8 percent, the lowest since March, as refiners try lower swollen inventory levels in the products market. As China, India and other emerging countries are implementing fresh “quantitative tightening”, including raising interests rates, among other measures to rein in inflation, "hot money", and partly to combat Fed's QE2, growth is expected to drop for the next couple of quarters, and longer. The bottom line is demand has to improve considerably just to keep current supply levels at equilibrium, and this is just not going to occur in this economy with higher prices.