Primary Vision Network on YouTube

August 28th, 2020

The key points from the video transcript are as follows:

- Total demand for gasoline, jet fuel, distillate, and residual products is still at the lower end, but the four-week rolling average is around 14.5-14.6, which is expected to remain through year-end.
- There are periods of low demand, but snapbacks usually occur after Thanksgiving or the week after.
- The four-week rolling average helps eliminate noise and accounting issues in tracking product supply.
- Distillate supply has seen a build, driven by pad two and pad three, while pad one has had a smaller build.
- Diesel crack spread is below 60 but may increase slightly with colder weather and reduced imports.
- Pad one has a shortage of diesel, while pad three continues to increase supply.
- Refiners in pad three may export excess diesel to international markets, particularly Europe.
- Distillate demand has collapsed, mainly due to weak shipping and trucking.
- Rail traffic has picked up for motor vehicle parts, but a rail strike could create more supply chain problems.
- Product imports remain low, indicating weak demand and impacting trucking, shipping, and the industrial sector.
- Cold snaps in the US and Europe may increase consumption of natural gas, diesel, and heating oil.
- Gasoline storage has seen a build, driven by pad one, and blending components indicate low demand.
- Petrochemical demand has slowed down, leading to more gasoline in the pool.

#energyindustry #demandandsupply #gasoline #diesel #distillate #refining #exports #supplychain #coldweather #naturalgas #heatingoil #petrochemicals #railtraffic #imports #economy

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