Title : Graphics Don't Always Tell The Whole Story -- February 28, 2018
link : Graphics Don't Always Tell The Whole Story -- February 28, 2018
Graphics Don't Always Tell The Whole Story -- February 28, 2018
US gasoline inventory: tell me again why gasoline prices are rising, and why regular unleaded gasoline/gallon isn't below $2.00 in Texas?
US crude oil inventories. Some things to note about the graph below:
- the 10-year median includes the two years (end of 2014 to the end of 2016) that Saudi Arabia flooded the market with oil, in an unsuccessful attempt to "break" US shale producers;
- during nine of the ten past years the median has been affected by the fact that there has been no effort to curb global production by anyone, not even OPEC;
- it was only in the past year or so, that OPEC and Russia have tried burned off inventory and made a concerted effort to cut production; meanwhile, US producers are setting new production records;
- a 20-year median might be a bit more helpful but even that would be skewed by change in gasoline demand over the past 20 years;
- the best chart to follow crude oil inventories? The number of days of supply which is currently running about 24 days, well below the recent peak of 32 days but somewhat greater than bulls would like to see (18 - 20 days)
Thus Article Graphics Don't Always Tell The Whole Story -- February 28, 2018
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