This is huge, if it's corroborated later today by the EIA, which I doubt will happen. But one twit suggests "implied gasoline demand" has now surpassed 10 million bpd. If that is accurate that should be a new record, passing even high-water (or should we say, the high-gasoline) mark of 2019. Link here.
Later: it turns out I was wrong. A new all-time record for gasoline demand.
Gasoline demand, EIA, link here, ten million bpd:
Weekly EIA petroleum report, link here:
- US crude oil in storage decreased by 6.9 bbls;
- US crude oil in storage now stands at 445.5 million bbls, 7% below the five-year average;
- US crude oil imports averaged 5.9 million bbls; decreased by 0.5 million bbls from the previous week (yawn)
- refiners are operating at 92.2% of their operable capacity (yawn)
- distillate fuel inventories increased by 1.6 million bbls; 6% below their five-year average;
- jet fuel supplied was up 81.9% compared with same four-week period last year.
- comment: we need to quit comparing this year's data with last year's date. We need to start comparing this year's data with same period in 2019. But that won't happen.
Import sources:
Gasoline demand: link here. Today's report pending.
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