The market's mesmerized by what appear to be low demand numbers. Product supplied is not the same as demand, since it measures what is leaving refineries, not what's being consumed.
One-third of the production in OPEC is deteriorating and doesn't have very good prospects of improving in the short run.
There is still a great deal of damage that will keep natural gas and refined products tight for the next few months. The next move will be back up.
We should have an overall higher level of distillate product - This should give the industry a breather.
We should have an overall higher level of distillate product -- This should give the industry a breather.