Tell me again why the price of gasoline is trending up in Texas?
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Crude Oil In Storage -- Weekly EIA Report
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Gasoline Demand
Gasoline Demand
Gasoline demand: link here.
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US Crude Oil -- Days Supply
US crude oil, commercial, days of supply -- 30.5: link here.
The number of days of commercial US crude oil: 30.5 days. That's down from 30.8 days last week.
That's still more than four weeks of commercial US crude oil in storage at a time when three weeks is more than sufficient: a) this is not driving season; b) this is not hurricane season; c) gasoline demand is way, way down from historical norms (yes, I know, somewhat of a tautological argument). I need to see days of supply trending toward 24 days before I start to get bullish about increased activity in the oil fields.
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Proved Reserves
