Updates
March 24, 2022: aha! Charles Kennedy agrees with me. He is seeing what I am seeing. Link here.
The four-week rolling average of oil products supplied, the report said, remained almost unchanged last week at 8.82 million bpd. This is a marked departure from patterns of consumption seen over the past six years with the exception of 2020, the lockdown year.
Original Post
For the past week I've been reading reports that the "demand" for gasoline is surging.
Now, this, today, from the EIA weekly petroleum report. I'm not seeing it.
the "record demand" reports have been originating with sites like gas buddy; maybe they're looking at something the EIA isn't....but our gasoline inventories fell despite rising gasoline imports and falling product supplied because our gasoline exports were at a 39 month high..
ReplyDeleteThank you.
DeleteIf our gasoline exports were at a 39-month-high, this would suggest that refiners are getting a better margin (despite the transportation costs) selling overseas than stateside, or that stateside service stations are asking for less gasoline.
It is interesting to see gasoline imports rising and our own gasoline exports at a 39-month-high. Maybe we're importing from Europe to export to Asia.
or vice-versa....i'm not sure that Europe would have much of anything to be exporting at this time...
DeletePretty sad.
Delete