{"id":63313,"date":"2022-08-17T05:39:31","date_gmt":"2022-08-17T10:39:31","guid":{"rendered":"https:\/\/olduvai.ca\/?p=63313"},"modified":"2022-08-17T05:39:31","modified_gmt":"2022-08-17T10:39:31","slug":"dodgy-demand-data-the-oil-price-collapse-conspiracy","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=63313","title":{"rendered":"Dodgy Demand Data? The Oil Price Collapse Conspiracy"},"content":{"rendered":"<h3><a href=\"https:\/\/oilprice.com\/Energy\/Oil-Prices\/Dodgy-Demand-Data-The-Oil-Price-Collapse-Conspiracy.html\">Dodgy Demand Data? The Oil Price Collapse Conspiracy<\/a><\/h3>\n<div id=\"key_points\" class=\"wysiwyg clear\">\n<ul>\n<li aria-level=\"1\">WTI oil prices have given up nearly all their gains since Russia invaded Ukraine, falling roughly 9.5% over the course of the week amid fears oil demand is collapsing.<\/li>\n<li aria-level=\"1\">Some oil pundits are now claiming that the Biden administration has been fabricating low gasoline demand data in order to drag prices lower.<\/li>\n<li aria-level=\"1\">While Gasbuddy claims there was a 2% rise in gasoline demand last week, the EIA reported a 7.6% drop in demand.<\/li>\n<\/ul>\n<\/div>\n<div class=\"articleImageContainer\"><picture class=\"lozad-picture singleArticle__articleImage\" data-iesrc=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2022-08-05_5nkbhecvas.jpg\" data-loaded=\"true\"><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/420x175\/2022-08-05_5nkbhecvas.jpg\" media=\"(max-width: 480px)\" \/><source srcset=\"https:\/\/d32r1sh890xpii.cloudfront.net\/article\/718x300\/2022-08-05_5nkbhecvas.jpg\" media=\"(min-width: 480px)\" \/><img \/><\/picture><\/div>\n<div id=\"article-content\" class=\"wysiwyg clear\">\n<p><a href=\"https:\/\/www.bnnbloomberg.ca\/wti-oil-falls-below-90-for-first-time-since-ukraine-invasion-1.1801440\" target=\"_blank\" rel=\"noopener\">WTI crude oil prices<\/a>\u00a0fell to their lowest point since early February on Thursday, giving up virtually all gains since Russia invaded Ukraine. WTI crude for September delivery tumbled -1.5% to close at $89.26\/bbl while Brent crude for October delivery fell -2.1% to $94.71\/bbl.\u00a0WTI crude has lost ~9.5% over the course of the week, marking the<a href=\"https:\/\/www.marketwatch.com\/articles\/oil-prices-gas-russia-ukraine-51659623610\" target=\"_blank\" rel=\"noopener\">\u00a0largest one-week percentage decline since April<\/a>\u00a0amid growing fears that oil demand will collapse when western nations descend into a full-blown recession.<\/p>\n<p>While oil producers are certainly beginning to feel the heat, it\u2019s refiners like\u00a0<strong>Valero Energy<\/strong>\u00a0(NYSE: VLO),\u00a0<strong>Marathon Petroleum Corp.<\/strong>(NYSE: MPC), and\u00a0<strong>Phillips 66<\/strong>\u00a0(NYSE: PSX) who have been hardest hit by the pullback thanks to a sharp decline in their refining margins aka crack spreads.<\/p>\n<p>For months, refiners have been enjoying historically high refining margins, with the profit from making a barrel of gasoil, the building block of diesel and jet kerosene, hitting a record $68.69 in June at a typical Singapore refinery. The margin later settled in the high 30s a few weeks later, a level still nearly four times higher than the $11.83 at the end of last year, and some 550% above the profit margin at the same time in 2021.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dodgy Demand Data? The Oil Price Collapse Conspiracy WTI oil prices have given up nearly all their gains since Russia invaded Ukraine, falling roughly 9.5% over the course of the week amid fears oil demand is collapsing. Some oil pundits are now claiming that the Biden administration has been fabricating low gasoline demand data in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3,6],"tags":[23185,158,190,33092,592,1775,5332],"class_list":["post-63313","post","type-post","status-publish","format-standard","hentry","category-energy-2","category-liberty","tag-alex-kimani","tag-conspiracy","tag-data","tag-demand-data","tag-oil-price","tag-oil-price-collapse","tag-oilprice-com"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63313","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63313"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63313\/revisions"}],"predecessor-version":[{"id":63314,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63313\/revisions\/63314"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63313"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63313"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63313"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}