I was fascinated by the fact that just the other day SecEnergy was telling US oil operators to "drill, drill, drill." Or was it, "drill, baby, drill."
It seemed so out of character. The price of gasoline at the pump had actually been decreasing at the time she made that statement, and yet she implored the US oil operators get the rig count up.
She had to have been briefed on something that caught her attention.
And this is probably it. Her own agency probably briefed her on it earlier in the month: early data suggests US crude oil demand was soon to hit all-time records.
And here it is. Now before you read this, remember, Delta CEO today was incredibly upbeat, says his business is surging and just now, on twitter, someone noted that once the airlines are back, another two million bopd will be needed, and US shale won't be adequate (here, hold my beer).
Well, think what you want. Connect your own dots. Here's the story.
The price of WTI crude rose nearly 2% on Thursday on EIA reports that U.S. implied petroleum products demand had risen to record heights.U.S. implied petroleum products demand rose to 23.191 million bpd for week ending December 10, 2021. The previous record was set during week ending August 27 of this year (2021), which reached fresh highs of 22.820 million bpd.
The increase in demand for petroleum products inspired fresh optimism in the market, as uncertainty in the markets faded after the Federal Reserve’s announcement.
Perhaps this is the reason SecEnergy didn't have the answer to that question the other week ... "US crude oil daily demand..." Perhaps demand was rising too fast for her to have an "accurate" number, that she could honestly say "she did not have that number in front of her." LOL.
Idle chatter, rambling.
But the record, apparently, is real.