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Products supplied 2019 vs 2020

Personally i find it more interesting to look at the us weekly supplied figures then the EIA weekly stock changes as the latter ones dont really tell that much but looking at the product supplied you get a hint where the future is going in petroleum products consumption, something i find very interesting and how it will translate into future oil prices.

First chart above shows total products supplied by week for 2019 and 2020 from January to August. Low point in 2020 Mars of about 14 Million barrels supplied and from that a steady recover up till almost 20 million barrels for the latest week, but still about 2.5 million barrels per day shy of 2019 consumption for the same August week.


Chart above us weekly supplied motor gasoline or in other words the stuff you fill your car with at the gasstation. From low levels of 5 million barrels supplied daily in April it has now steadily climbed back and for the last week exceeded 9 million daily barrels supplied to marked, a healthy comeback in consumption it looks like and not very far of the 2019 figures.

Seems like a small comeback in jet fuel consumption about 500.000 barrels per day compared to April and May lows, but still short about a million barrels from 2019 levels in consumption.

All in all it looks like a healthy comeback in consumption for the us petroleum products and if stock levels were at normal levels considering current production and the lack in global investment we would see oil prices go trough the roof.

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