Publications: Notes at the Margin

A Variety of Topics (November 3, 2014)


In this week's report, we discuss the details and implications of the following mix of issues:

  • Gasoline consumption statistics released by the US Bureau of Economic Analysis (BEA) show September 2014 use in the United States dropped 3.5 percent from September 2013.
  • Global markets will confront an infeasible situation in mid-2015 unless some agreement is reached to remove around two million barrels a day from supply.
  • China purchased a large amount of crude for storage in October.
  • The oil price decline is consistent with the build in global commercial stocks.
  • Market complacency may be dampened early in the week when Saudi Aramco publishes price differentials for December.
  • The US Department of Energy has just published a study that offers an extraordinary new finding: demand does not influence gasoline prices.

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