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OILX - Oil: Strong Product Demand Coupled With Counter-Seasonal Draws In Crude Will Be Very Bullish
UBS AG London Branch ZC SP ETRACS REDEEM 22/02/2046 USD 25 - Ser B
Welcome to the strong demand edition of Oil Markets Daily!
EIA reported a very bullish oil storage report last week, but what's not being said so far is just how surprisingly strong overall product demand is this time of the year.
Source: EIA, HFI Research
How is it that overall product demand is some ~1 mb/d higher y-o-y? It's quite staggering especially considering all the talk about a global macroeconomic slowdown.
To further illustrate our point, the elevated product demand coupled with lower y-o-y refinery throughput has resulted in product storage to hit a new