US Oil Data Is A Lot Better Than It Looks (Part 2)

In our part 1 article last week, we pointed out that the US oil data is far better than it looked. In particular, we pointed out that US implied oil demand is starting to diverge from the trend we saw in 2022. And so with this week's report, that's starting to become more evident.

Now keep in mind that there are important things we need to point out in the demand figures.