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