We talked about this earlier in the week. I missed that additional data point: even with refineries operating at (nearly) a 30-year low, distillate inventories are at a 38-year high.
On top of that, as we discussed earlier, distillate inventories are usually lowest during the summer. And so with all that, it is beyond the pale to see distillate inventories this high. Truly unprecedented. So unexpected.
In that earlier discussion, I asked the question why distillate inventories might be so high this year. I didn't answer it then and I won't answer it now, although I'm pretty sure I have the answer. It goes back to our years using heating oil when we were stationed in Germany.
See "Texas Country Music" here.
Texas Country Music (more popularly known just as Texas Country or Texas Music) is a rapidly growing subgenre of country music from Texas.
Texas country is a unique style of Western music and is often associated with other distinct neighboring styles, including Red Dirt from Oklahoma, the New Mexico music of New Mexico, and Tejano in West Texas, all of which have influenced one another over the years, and are popular throughout Texas, the Midwest, the Southwest, and other parts of the western United States.
Texas Country is known for fusing neo-traditional country with the outspoken, care-free views of outlaw country. Texas Country blends these sub-genres with a "common working man" theme and witty undertones, these often combine with a stripped down music sound.
Neither the location of birth nor the location of upbringing seems to calculate in the definition of a Texas Country artist, as long as the origin is not in the corporate Nashville scene as the genre tends to be anti-Nashville. The genre differentiates from Nashville country with its rejection of pop influences that is found in Nashville Country recently, but does not necessarily mean the artist/group is Texas based.