Falling Demand for Diesel Fuel
I'm no expert on energy stuff, but this chart about diesel fuel demand seems really bearish:
(Source)
It would seem to match what I've been observing about rail traffic:
There was a blip up in March but it quickly turned back down.
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3 comments:
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Yes, distillates includes heating oil as well as diesel, but I think you are absolutely right to see a correlation.
This is a graph of commercial distillate stocks for the week ended May 8:
EIA's Distillate Stocks for wk ended May 8From January stocks have been building, completely against the cycle--usually stocks get draw down slightly as we head into driving season. Diesel stocks are partially growing because typically US sells diesel surplus to Europe and Europe sells gasoline surplus to US. But there is not enough surplus demand for diesel in Europe to take up the US surplus, so it is just building.
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