I'm saying I don't know nor can I determine which is/would be better ... 14 or 26?
14 tells me what the refineries "demanded" - whether that's real demand determined from consumption isn't clear. I mean the refineries have storage for distillates. They would want to run their plant on an optimal schedule so they can over/under produce each week as it suits their inventory.
26 tells me what now? What the refineries cracked? That could be simply driven by the refineries crack spread and profit margins. It could also be factored by supply agreements right? I mean MPC for example might have a contract to supply a wholesaler with jet fuel for example and the wholesaler is storing it ....
What I would dearly like to know is the actual consumption of say gasoline and diesel ... some magical monitor to tell me what was burned in the ICEs.
Which is "better"? don't know.
What are you really trying to figure out. What's your thinking on what the "influencers" are in the supply chain?
SEA Price at posting:
16.5¢ Sentiment: None Disclosure: Held
