April 30, 2020

Recent EIA Data Provides Evidence that Rebound in US Demand is Underway, while US Crude Production Continues to Decline

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The charts below indicate:

  • Finished gasoline supplied to the market (a proxy for demand) moved up by 10% (~550 mm/d)
  • Overall total product supply increased by 12%
  • Meanwhile, US crude production has declined by 900 mb/d since the end-of-March.

Consequently, the supply/demand situation is improving – which is providing support for WTI prices.

US Product Supplied Chart 

US Total Product Supplied Chart

US Crude Production Chart 


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