Review of EIA Weekly Report for August 17th 2022

The EIA released the latest weekly report, and I am still not seeing demand destruction. Yes, from this time last year, but it is hard to make a call on demand destruction, when the days supply of gasoline falls from 24.9 last week, to 23.8 for this week's report. 

Yes, Gasoline Inventories fell 4.6M BBLS from last week's report. Might the imports/exports of gasoline have something to do with that. We did export 1.3M BBLS more than import... last week. I am not sure where all those numbers citing demand destruction are coming from. 

The market for gasoline has shot up 2¢, as of this writing. That is down from last week, by about 14¢. Still,  NOT seeing demand destruction. Crude stocks fell 7M BBLS from last week and exports of crude and petroleum products outpaced imports by 19M BBLS. WTI is down about $5 from last week.

Somehow, someone, somewhere... demand is still there, although the pricing isn't. A very mixed message, as far as I am concerned. 

I keep hearing how crude and gasoline demand are falling. Then I hear how the inventories are falling and prices should go up for crude and gasoline. Somewhat contradictory and appears mostly false.

A week ago, the stock market ,said to be anticipating a more dovish stance, based on cooling inflation numbers and as a result... rallied. Today, the FED minutes suggest a dovish stance and the market is slipping. 

I have come to the conclusion that I am not alone... in not knowing what is going on.