Demand Destruction:
The following is from the last 3 weekly petroleum data:
Week Ending September 9, 2005: Over the last four weeks, motor gasoline demand has averaged 1.1 percent below the same period last year, "possibly reflecting the inability of some stations to receive supplies over the last two weeks",. Distillate fuel demand has averaged 1.4 percent above the same period last year.
Week Ending September 16, 2005: Over the last four weeks, motor gasoline demand has averaged 2.1 percent below the same period last year. Distillate fuel demand has averaged 0.7 percent below the same period last year.
Week Ending September 23, 2005: Over the last four weeks, motor gasoline demand has averaged 2.8 percent below the same period last year. Distillate fuel demand has averaged 3.1 percent below the same period last year.
Note the excuse in Sep 9 report for the surprise demand loss, which happen to disappear in follow-up reports. Being in denial of accelerating demand destruction for the last 3 weeks, just makes the exit door smaller and smaller, especially with so much paper profit on OSX.
NG story is not much different, which I will discuss in another post. |
