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
Peak oilers were crowing when reserves for 2020 came out. Now they will avoid looking at the rebound. Same thing happened with the 2014 price crash. And it happens almost every winter when they say ND is in decline.
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