Here is the latest chart from Tim Wallace on gasoline and petroleum usage.

click on chart for sharper image

Wallace writes…

Hello Mish

Chevron is reporting weaker than expected results.

As we discussed earlier I was expecting this one due to the obvious disconnect on gasoline prices and petroleum futures. Gasbuddy has a great site for seeing this one coming when you lay the gas prices on the petroleum graphs.


Chevron Warns of Weaker 4th Quarter Earnings

MarketWatch reports Chevron warns of weaker fourth-quarter results

Chevron Corp. CVX -2.52% said late Wednesday it expects fourth-quarter earnings to come in “significantly below” its third-quarter results. In its interim quarterly report, Chevron said earnings from its “upstream” exploration and production business will be comparable to its third-quarter results while earnings from its “downstream” refining and marketing operations are likely to fall from the previous quarter’s results to break-even. The San Ramon, Calif.-based oil company blamed weak refining margins and refining volumes for the downbeat earnings outlook. The company is scheduled to release its fourth-quarter results on Jan. 27. Chevron shares fell as much as 2% to $105.61 in after hours trade.

Mike “Mish” Shedlock
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