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Through nine weeks into 2023, total product demand is 9% lower
@GA907：
I know data for weekly product demand is far from accurate, but it still gives you an idea of where we currently are. -For instance, because of the persistent warm weather, distillates demand has been a no-show. -Through nine weeks into 2023, total product demand is ~ 9% lower than in 2022, whereas gasoline demand is ~2% lower than in 2022. Crude and big 4 products are now up ~ 59.2m bbls through the first nine weeks of 2023. They are ~49.7m bbls higher than builds in 2020 and 108m bbls higher than in 2021 (~48.6m bbls draw). nine weeks into the year, we had one of the lowest refinery throughputs ever, and big 4 products are still building, while commercial oil in the storage has skyrocketed.First crude oil draw of 2023. YTD commercial crude inventories are up ~57.8m bbls, and big 4 products are up ~ 1.3m bbls. Overall another neutral report, IMO.Still amazed at the oil market actually believing the FED were only going to do one more hike in February and it has to fall back $3 because it was obvious it was total b*llocks forecast. This is not how an oil market should work. https://twitter.com/Gugo907/status/1633509066113949697
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