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Demand for Gasoline, Jet Fuel, and Diesel: Checking on the Recovery
Demand for Gasoline, Jet Fuel, and Diesel: Checking on the Recovery Watching for the EV drag on gasoline demand requires a lot of patience. Gasoline consumption in the US during the four-week period through February 5 was down by 10.1% from a year ago to 7.89 million barrels per day (mb/d), according to EIA data. […]
Chevron Shares Slide After Recording Historic Quarterly Loss
Chevron Shares Slide After Recording Historic Quarterly Loss Chevron Corporation reported a loss of $8.3 billion for the second-quarter 2020, the worst quarterly decline in a generation, and warned: “COVID-19 significantly reduced demand for our products and lowered commodity prices.” Chevron lost $1.59 per share on an adjusted basis while recording revenues around $13.49 billion. In the same quarter last year, […]
Update on the WTF Collapse of Demand for Gasoline, Jet Fuel, and Diesel
Update on the WTF Collapse of Demand for Gasoline, Jet Fuel, and Diesel No “V-shaped recovery back to normal.” Demand for gasoline collapsed in a stunning and historic manner, starting in mid-March when the measures to slow down the spread of the pandemic took effect, when working from home became the new thing, and when […]
Is Gasoline Demand Really Slipping?
Is Gasoline Demand Really Slipping? Genscape’s Weekly Gasoline Demand Report data shows relatively flat growth in weekly year-on-year demand for September through November. On the other hand, the U.S. Energy Information Administration (EIA) Weekly Products Supplied data has shown year-on-year declines over the same period despite lower gasoline prices. Our data shows U.S. total motor gasoline […]
Hurricane Michael’s Impact On Gasoline Demand
Hurricane Michael’s Impact On Gasoline Demand Gasoline demand increased in the Florida Panhandle, southern Georgia, and South Carolina ahead of Hurricane Michael’s arrival to the areas, but repercussions to demand appeared to focus on rack cities in the direct path of the storm, according to our Supply Side daily rack volume data. The increased rack […]
Refiners Boost Output, But Irma Could Dent Demand
Refiners Boost Output, But Irma Could Dent Demand Texas continues to recover from Hurricane Harvey, and many of the disrupted refineries are ramping up production once again. But the ripple effects from the outages are still being felt, and some Midwestern refineries are benefitting from surging margins stemming from the havoc. Bakken Midwest refining margins […]
Largest East Coast Pipeline Reveals Demand For Gasoline Is Crashing
Largest East Coast Pipeline Reveals Demand For Gasoline Is Crashing There’s a reason this week’s EIA survey showing gasoline and oil supplies declining has failed to stop RBOB prices from collapsing to 7-month lows: The start of the summer has done nothing to revive sluggish demand. That’s because despite what the EIA survey said, little […]
America’s “Soaring” Gasoline And Oil Demand Was Just An Illusion: How The EIA Fooled The Algos
America’s “Soaring” Gasoline And Oil Demand Was Just An Illusion: How The EIA Fooled The Algos When it comes to “real-time” measurements of crude demand and supply, the data is notoriously bad (and perhaps, according to some, intentionally manipulated). We pointed this out most recently in early March when we that according to IEA data, crude […]
Drilling Efficiency To Keep Oil Prices Low
Drilling Efficiency To Keep Oil Prices Low Economics 101 tells us that prices in a free market are set by the interaction of supply and demand. The world oil markets have gotten a graphic lesson in that truth over the last year, as the dramatic surge in US oil production has met stagnant demand. This, […]
