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Thursday, May 23, 2024

Weekly EIA Report And Gasoline Demand -- May 23, 2024

Locator: 47162B. 

Is Bing down? Yes, and not getting better. Link here. But Bing's AI is awesome -- apparently -- wouldn't know.

Coolidge, AZ: new $1 billion solar project. JPMorgan will provide about $700 million. New rules favor JPMorgan. Basically, huge corporations make huge amount of money (and tax liability) can sell "tax credits" to other companies. Two-thirds of the power from this new renewable project will go to power a neighboring mega-data center being built.

Prices the pump dropping: Carl Q -- depends how one measures it -- LOL --

Headline of the day: gasoline prices ahead of Memorial day are 1% higher

  • out-of-town family members (Kentucky, California) have given up on any hope of price improvement; 
  • generally incredibly depressed over gasoline prices; $5.50 in California (Huntington Beach area) and Kentucky (Louisville area, $3.80).

From oilprice.com this morning:


EIA weekly petroleum report. Link here.

  • crude oil in storage: 3% below five-year-average -- and that 5-year average includes storage during Covid years
  • refiners at 91.7% capacity
  • jet fuel supplied: 3.6% greater than last year at this time

Gasoline demand, link here. Wow, wow, wow -- did not expect this. Driving season has begun. This will be interesting to follow:

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