Your Bizarro World supply and demand update

Demand is down.

NEW YORK, Feb 23 (Reuters) – Total U.S. four-week average demand for refined products fell to the lowest level since April 1997, data from the U.S. Energy information Administration showed on Thursday.

The four-week average demand for refined products like gasoline and distillates fell to 18.05 million barrels-per-day (bpd), 6.7 percent lower than a year ago.

Supply is up….

Meanwhile, crude inventories were at the highest level since September 2011, rising 1.63 million barrels to 340.71 million barrels, EIA said. Midwest refinery utilization rose 3 percentage points to 96 percent of capacity.

Prices are up…

Gas prices are surging, and quickly headed toward $4 a gallon, as growing tensions over Iran sparks a run-up in oil prices.

The national average price for a gallon of gasoline jumped 3.3 cents overnight, to $3.612, according to the motorist group AAA. That’s the 16th consecutive increase.

In other words, 2+2=7.

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4 Responses to Your Bizarro World supply and demand update

  1. Ventucky Local says:

    Ya’ know Walker, I wasn’t much of a conspiracy theorist before I happened across your site.

  2. R.D. Walker says:

    Well, VL, I suppose it is a conspiracy but it isn’t that dark, criminal type. This conspiracy is legal and right out in the open. America’s weak dollar policy is no secret.

  3. Ventucky Local says:

    Hmmmm..I find my sarcasim does not always translate well in print.

    So true about being legal and in the open. But I don’t understand there not being a more of an outcry from the general public about getting mugged every time they pull up to the pump. I think it is dark and criminal actually.

  4. R.D. Walker says:

    No, I understood you. I just wanted to make that comment.