Gear Energy Ltd T.GXE

demand destruction no longer a concern

[Chefboy69]

from the globe and mail

BofA oil and gas analyst Doug Leggate isn’t fully buying the demand destruction story for his sector,

 

“The narrative around collapsing demand in response to high gasoline prices amidst recessionary concerns is too perfect a scenario on to fast of a timeline to not demand some examination. This week we finally got the post July 4th rebound we suggested could follow the 4th of July holiday. For the week ending July 22nd, implied gasoline demand rebounded to 9.2 million b/d – a 1 million b/d increase vs the last two week average, and the second highest level of 2022. On a four week moving average basis, the trend line has resumed higher … We see concerns over some inevitable demand collapse akin to 2008/09 as significantly over done … Gasoline demand in particular has rebounded this week leadings us to suggest ‘rumors of the death of gasoline have been greatly exaggerated’”

https://oilprice.com/Energy/Crude-Oil/US-Refiners-Havent-Seen-Fuel-Demand-Destruction.html

https://www.fxempire.com/forecasts/article/oil-price-fundamental-daily-forecast-supported-by-tight-supply-concerns-as-demand-destruction-worries-fade-1079683


Look like we could see a nice upswing this week AGAIN,

good luck all