psw01 2016-2-18
US refineries supplied 3.77% more gasoline in the first 9 weeks of 2016 than the same 2105 time period. This could shoot some holes in the thesis that demand for refined products remains weak. Certainly that is not the case for gasoline. Refineries are acting in response to high gasoline demand with refinery inputs up 3% YoY for the last 9 weeks as well.
psw01 2016-1-13
Even with distillate demand weak, overall petroleum demand exceeds 2015. Total petroleum demand is trending towards being up 1% YoY. With heating season reaching an end, we may soon find that total petroleum demand is actually up significantly.
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