While 2022 comps may work, before that gets fuzzy. If anything it looks like it would be a sign of even stronger demand than those years. Perhaps at least partially supported by lower inventories despite "weaker demand". Diesel demand number seems like a wait and see... despite the underwhelming numbers the past two weeks NY Harbor ULSD Cracks are looking strong and rallied today. Thanks again for the great charts.
One thing I don't think I realized is the magnitude of the impact of the EIA product import/export methodology change on product supplied. Tom L with a good graph here: https://twitter.com/TomLoughrey_LFE/status/1679510999865475076
While 2022 comps may work, before that gets fuzzy. If anything it looks like it would be a sign of even stronger demand than those years. Perhaps at least partially supported by lower inventories despite "weaker demand". Diesel demand number seems like a wait and see... despite the underwhelming numbers the past two weeks NY Harbor ULSD Cracks are looking strong and rallied today. Thanks again for the great charts.
The methodology change really made the data comparison whack.
With that said, however, distillate implied demand is weak. So we will need to see that change.