Oil Watch: The EIA plot thickens
Good Evening from Europe!
The EIA report moved oil markets markedly yesterday and the sell-off has continued today. If the EIA report is indeed a true reflection of the slide in the retail gasoline demand, it may shave off >1mn barrels a day in global demand for oil.
The BIG issue for the EIA report is that it is 100% out of sync with high frequent transportation data, so what do we make of it here?
Let’s have a look at the data.
Chart 1: The EIA data suggests that the gasoline demand was at a 23-year low in September