Demand: Sentiment Predicts Doom, Data Sees Solid Consumption

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High prices, energy inflation and the risk of a recession are having an impact on global oil consumption. It is perhaps the most visible in gasoline, where demand has softened so much that $40/bbl refinery margins in June have dropped toward $10 early September in the US, Europe and Asia. But the double whammy of actual high prices and falling consumer confidence was less impactful than many feared. Despite the June/July price shocks, upward demand revisions show somewhat higher consumption of all products in June (plus 500,000 b/d) and July (plus 600,000 b/d).

Oil Demand, Oil Products, Oil Prices, Refining, Oil Forecasts, Oil Supply
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