While I agree with Davidson’s conclusion here, based on what I’ve seen this week in my area, gasoline demand will surge when this week’s numbers are released.
“Davidson” submits:
BBL/Day
- US Crude Inv Fall 2,mill BBL with Imports slowing a little & Refining Input flat
- US Crude Inv fall ~2mil & Gas Inv higher by 2mil
When one looks at all the data, The US Oil Situation from last week is mostly unchanged. Memorial Day does not appear to have driven much in higher demand. There are a number of advisors indicating demand has returned to 85% of consumption prior to COVID-19. This report does not support this thinking.
