Peter, article in the Journal today about the reduction in world oil exports. The Middle East is using much more oil. But, the curious statement they made is the ME is using more oil because of a "shortage of natural gas". The UAE has cut back on gas injection to increase oil production. Hare
Even if this week's number was an anomaly caused by fog, the discipline by the refiners YTD has been reasonably impressive. The DOE numbers this week comparing the 4 week moving averages thru the 23rd against year ago show oil imports to be at 9.663 as compared to 10.236 last year. Same numbers for product imports are 1.911, 2.506.
Crude, motor gasoline, distillates and propane are all near or at the bottom of their 5 year normal ranges.