GREY:WFREF - Post by User
Comment by
tvstockon Jan 29, 2015 12:38am
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Post# 23375652
RE:RE:RE:WCP
RE:RE:RE:WCPhttps://oilandgas-investments.com/2015/oil-prices/why-the-turn-in-oil-could-be-closer-than-you-think/
"Gasoline demand in the United Stated over each of the past four weeks is up on average over the prior year by 725,000 barrels per day."
"Over the past four weeks the average increase of total oil consumption year on year has been 917,000 barrels per day. Don’t trust me; go directly to the EIA website yourself . The numbers are easy to see.
Contrast this 917,000 barrel per day demand against the oil oversupply “glut” that is guesstimated at 1-1.5 million barrels per day. "
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Obviously he used the Jan 22 report .
https://www.eia.gov/petroleum/supply/weekly/archive/2015/2015_01_22/pdf/table1.pdf
At first I find it difficult to figure out the demand numbers. Finally I realize that he use the "Products supplied" row as demand, that is assuming no significant stockpile change.
Gasoline consumption compared with last year is 8851-8059 = 792K/day increase, approx equal to the 800K he mentioned.
Total oil consumption compared with last year is 20204-18959 = 1245K/day increase , approx equal to his 1.2M figures.
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Correct me if I am wrong.