Updates
Later, 6:52 p.m. CT: see first comment. From a reader -- this is simply amazing -- the records being set --
Except for the other pandemic weeks when demand tanked (as shown in the graph below), that four-week average is at a 10 year low ... meanwhile, the gasoline inventory increase of 25,259,000 barrels over the past 4 weeks was the largest for any four week period on record since 1990, handily exceeding the the four-week inventory increase of 23,952,000 barrels that we saw at the outset of the pandemic lockdowns from mid-March to mid April of 2020...so it's not a surprise to see gasoline imports at an 83-week low...
Original Post
It's likely that next week, there might be a slight uptick, but it won't be much.
except for the other pandemic weeks when demand tanked (as shown above), that 4 week average is at a 10 year low...meanwhile, the gasoline inventory increase of 25,259,000 barrels over the past 4 weeks was the largest for any four week period on record since 1990, handily exceeding the 4 week inventory increase of 23,952,000 barrels that we saw at the outset of the pandemic lockdowns from mid-March to mid April of 2020...so it's not a surprise to see gasoline imports at a 83 week low...
ReplyDeleteThank you. I haven't checked local gasoline prices, but I don't think they have changed appreciably despite this new data.
Deleteno one looks at the data....the narrative from the media continues to be that Omicron has not impacted demand, so that's what the oil & gasoline traders, and everyone else, believe...
DeleteOmicron has greatly impacted demand and now demand destruction -- even with as little driving as I do, I find it astonishing how much it now costs to fill my cars with gasoline.
Delete