Persian Gulf diesel exports will set monthly record in September, with estimates around 1.5 mil mt.Regular readers might recall that Saudi Arabia has been greatly expanding their refining capacity so this is not surprising.
Also tweeting now:
NYMEX oil price jumped >$2/bbl on Sept. 16 (yesterday) after EIAgov report showed lower-than-expected oil, product inventories.
OPEC crude oil exports to rise by 100,000 b/d to average 23.83 mil b/d in 4 weeks to Oct 3
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US Energy
Natural gas fill rate (dynamic link): 73. In the East Region, stocks were 38 Bcf below the 5-year average following net injections of 50 Bcf.
Gasoline demand continues to plummet -- something I did not expect -- but look at the graph at the link at the very bottom of the page. Gasoline demand this year is exceeding last year's demand but has dropped off remarkably. If one uses gasoline demand as a proxy for the economy of the country / a proxy for the recovery, this is a scary graph. I think this most recent data includes Labor Day weekend which is even more concerning, especially given the price of gasoline -- record lows.
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Housing Starts Fall
Speaking of the economy, Reuters is reporting that housing starts fell for the second straight month in August.
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