August 28th, 2020
The key points of the video transcript are as follows:
- The demand for energy in the U.S. is decreasing, driven by economic factors.
- Shipping companies are confirming the data showing a drop in demand.
- The current demand for oil is at 13.84 million barrels per day, down from 14.66 million barrels per day the previous week.
- Gasoline demand is lower than normal, but there may be a makeup number in the future.
- Diesel demand continues to face headwinds, with distillate stock building up.
- Imports are slightly down, but there may be timing delays.
- Weather conditions may affect demand, especially in the East Coast.
- Diesel demand on the roadside is weak, even during the holiday season.
- Diesel cracks have come down slightly, but storage levels may support pricing.
- Gasoline issues in Asia may lead to increased reliance on distillate.
- Official selling prices in the Middle East may be cut due to difficulty in clearing pad one.
- There is typically a build in distillate stock at this time.
#energydemand #economics #shipping #gasoline #diesel #imports #weather #storage #crackspread #Asia #MiddleEast
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