Where was I? Oh, I remember, I was busy being right about $4 gasoline (NYMEX:RBN14).
Let’s face it, there are things in life that when you hit them spot on you need to be loud and proud. Back in 1995 when I was trying to pull of the Euro-ponytail and wearing too much Aqua Di Gio, that was only thinking I was right and definitely not something I like to bring up.
After the EIA oil stats yesterday though, there’s plenty to talk about and we can all take it home and digest it over the weekend. Fact of the matter, the teeming millions should go out and fill up the tanks for all of the family cars and then go home to think about these things.
Figure by the time we get back to being serious about gasoline demand come June 1, prices will already be climbing again. So we can start there, with demand. Yesterday we finished the last week of April and the third week of May with gasoline demand averaging 9.1M b/d. That’s a chunky 5.4% higher than the same four weeks in 2013. I guess all of those extra cars sold and new jobs really are adding up. The doubters don’t have to believe me, but if you go with AAA stats, driving demand usually picks up in June, steps up in July and peaks in August.