RE:Shaking energy tree Are they? This sell off is a financial event, not an oil event. US crude storage is up 1.5 mmb while both gasoline and diesel (heat/fuel/jet) are in decline and refinery utilisation is still down at 88%.
Demand is the outlier and when spring gas/diesel/aspfhalt demand occurs, normal summer refinery utilisation of ~91% will be behind the curve plus product exports to Carib/SA and crude exports will force prices to rise.
Last summer, recreational fuel was not impacted by high prices as consumers sucked it up to enjoy themselves. Will this year be different?