This week's inventory data from the Department of Energy [DOE] shows that while crude oil inventories showed a larger than expected decline, supplies of gasoline and distillate fuels are now above average. In January, inventories of distillates were well below average, causing fears that we would have shortages this winter.
Six months later, we're now looking at a situation where distillate inventories have risen for 11 straight weeks, causing supplies to rise to their highest levels of the year.
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This article has 9 comments:
- distillate inventory is ~9m bpd over average (about 7%)
- gasoline inventory is ~6m bpd over agerage (about 3%)
- crude inventory is ~35m bpd below average (about 12%)
g
Heard that demand was at jan 2007 levels. Does not sound so gloomy for oil bulls.
Unemployment is picking up, gas at $4 a gal and still fairly strong demand.
Demand may have softened in the US but I would expect demand to continue to grow in emerging markets, maybe not at a blistering pace but nonetheless demand growth.
Can the demand there make up for the lack of growth demand here?
The Heating Oil Contract includes Jet Fuel and diesel.
The demand for diesel is worldwide and increasing. Whether for agriculture or constuction or transportation either land or maritime, diesel is the primary driver. There are diesel shortages all over the world. Gasoline demand destruction means diddly.