Through nine weeks into 2023, total product demand is 9% lower
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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Gj