Weekly EIA Petroleum Report -- Yawn -- But Gasoline Demand Hits An All-Time High -- July 8, 2021

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.