FAST FIVE: US Gasoline Demand Unexpectedly Soars To Highest In Five Years As Inventories Crater

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US Gasoline Demand Unexpectedly Soars To Highest In Five Years As Inventories Crater Two months ago, amid some major discrepancies in key points, the energy market was swept with speculation that the Biden admin – in this case the Department of Energy – was publishing “very crooked numbers” to artificially represent gasoline demand as much lower than it really was in order to depress the price of oil (considering the lengths to which the Soros administration has gone to keep gas prices low ahead of the midterms, even threatening OPEC+ that it had committed a “hostile act” for daring to put its own interest ahead of the Democrats' chances of winning the midterms).

And so, after we raised a big stink, and after the DOE was caught revising its weekly number substantially higher on at least two occasions, things are back to normal, and according to the latest DOE data, US gasoline demand is magically roaring back just as the US economy is actually sliding into a recession and just as OPEC+ moves to cut global oil supplies.

As shown below, according to the latest EIA release, weekly gasoline supplied – a proxy for demand – hit the highest level this year, surging not only past the five-year average but also the highest level in the past five years.

while gasoline inventories plunged to the lowest since November 2014, according to the EIA.

Worse, petroleum inventories fell by -16 million bbl in the week to September 30 (reductions in crude (-8 million), gasoline (-5 million), distillate fuel oil (-3 million) and jet fuel (-1 million)).

Categories: ZH