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Title : Distillate Fuel -- An Observation -- June 13, 2018 -- Most Extraordinary Graphic
link : Distillate Fuel -- An Observation -- June 13, 2018 -- Most Extraordinary Graphic

Distillate Fuel -- An Observation -- June 13, 2018 -- Most Extraordinary Graphic

Just moments ago I posted this:

Weekly petroleum report, link here:

• down a lot more than expected
• down 4.14 million bbls
• now at 432.4 million bbls
• WTI immediately after report -- up 25 cents/bbl -- now at $66.54
• refinery operating capacity way up: 95.7% -- highest I've seen in a long time
• gasoline production crept up slightly; I use "10 million bbls/day" as the benchmark; most recent data, up to 10.5 million bbls/day
• distillate fuel production crept up slightly; I use "5 million bbls/day" as the benchmark; most recent data, up to 5.1 million bbls/day

I thought that was a "positive" report regarding distillate fuel -- production actually crept up slightly, and was very slightly above my "benchmark."

But then this. This is an incredible graph. A huge thanks to John Kemp for spotting this:

I have opined many times that if I had but one metric to follow to judge the health of the US economy, it would be amount of gasoline consumed.

Now, without question, I would argue that if one had but one metric to follow the industrial activity of the US, the one metric to use: distillate fuel consumed. 

The Bakken is booming again. The Permian is on fire. And I often forget to mention it bu the Eagle Ford is doing very, very well.

In addition, all the new petrochemical activity and new construction going up along the Texas - Louisiana gulf coast.

This "stuff" all uses a lot of diesel fuel.

From the EIA:

And look at this. John Kemp predicted this seven months ago:

Can anyone say, "synchronized global economy"?

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