On A Great Day For Oil -- WTI Surges -- Up 19 Cents -- Can't Break $70 -- June 26, 2023

Locator: 45064WTI.

The Energy Institute Statistical Review of World Energy, 2022, has just been released.

So, after all this data was released, solar and wind don't dent fossil fuels and global economy is ready to surge post-Covid, and Saudi Arabia cuts production, and Russia almost stages a coup, and .... and .... and ... and ..

What did WTI do today:

• can't break $70
• surges ... by 19 cents
• up ... by 0.27%
• and this is on a "good news" day for oil.

The real stories.

Bloomberg leads with this today:

Global electrical generation by fuel, link here:

European electrical generation by fuel, link here:

Global energy consumption, link here (at the link, the screenshot only shows through 2013; click on the graphs to go out to 2022):

Renewables growth did not dent fossil fuel dominance in 2022, link here:

Oil and the Russian coup, link here:

Saudis "tightening" the screws on America, link here:

Saudi in deep doo-doo, link here:

Wind energy: read the small print. Link to Bloomberg. How charts confuse folks.

Inflation Coming In At 7.9%. Now This. This Is What Really, Really Scares Jay Powell -- March 22, 2022

Gasoline prices surging.

The very same day this data was released was the day Jay Powell, "Fed chairman," implied the Fed would raise overnight rates more than expected, faster than expected.

I've maintained ever since beginning the blog, the best indicator of the US economy was gasoline demand. And by that metric, the US economy is on fire.

Compare gasoline / diesel demand in:

• Russia
• Europe
• Britain

This has to be terrorizing the Fed: US sees highest gasoline demand since at least 2017.

This is despite:

• massive EV penetration (needs to be fact-checked but that's what "everyone" says)
• CAFE standards that in some cases border on the absurd
• at least five oil-price shocks in recent history that supposedly resulted in demand destruction

Did we mention that gasoline prices are surging with $120 oil? 

Demand destruction? What demand destruction?

The bigger concern is supply destruction (see earlier post).

But I digress.

I'm sure I must be misinterpreting the headline story. 

Back to the things that put terror into the hearts of "Fed" members: US sees highest gasoline demand since at least 2017.

Greta's head is exploding.  

More and more, the story is not "demand destruction," but "supply destruction."

Link to Tsvetana Paraskova.

• U.S. gasoline demand on Sunday jumped by 12.6 percent compared to the previous Sunday.
• U.S. gasoline prices fell slightly last week from the highs on March 11. 

Not one percent or two percent or even five percent or ten percent, but almost 13 percent. 

Trivia: the number page on the blog when one searches "demand destruction" was posted Saturday, April 23, 2011. 

From wikipedia:

Demand destruction is an economic term used to describe a permanent downward shift in the demand curve in the direction of lower demand of a commodity such as energy products, induced by a prolonged period of high prices or constrained supply.

So, if US sees highest gasoline demand since at least 2017, does that change all those arguments about "demand destruction"? 

Is this sort of like Hubbert's "peak oil theory" which has been clearly disproved?

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Finally, Summer