Bidenomics -- Market -- Economy Notes -- Part 1 -- July 18, 2023

Locator: 45163ECON. 

Wow! AAPL just went green!! I can buy a new pair of shoes for Sophia!

GDPNow: 4.2.

Market:

Weekly EIA petroleum report, link here.

• US crude oil in storage: one percent above the five-year average! What tightening?
• of course, the five-year average is affected by the plague years, 2020 - 2022
  
• US refinery operators working at max capacity
• distillate fuel increased slightly but still 14% below five-year average; 
• refiners don't have "right oil" or economics not pushing distillate fuel (probably the latter)
  
• gasoline product supplied over the past four weeks increased by almost 5% over same period last year
• refiners responding
  
• POV travel appears to be increasing;
• along the highway, north Texas to northwest US, diesel was priced about the same as gasoline;
• no shortaggees of fuel seen anywhere

CVX: up.

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These Are The Guys Giving Us Investment Advice

Goldman Sachs profit plunges 58%.

It was so bad, their friends over at CNBC didn't put "58%" in th headline!