The following chart from reader Tim Wallace shows three-month usage for March, April, May compared to the same three months in prior years.
The chart shows petroleum usage is back to levels seen in 1998. Gasoline usage is back to levels seen in 2002.
This chart is consistent with reports that show petroleum usage in the eurozone is expected to fall to 1996 levels.
For more details and an analysis of tanker rates, please see Oil Tanker Rates Lowest Since 1997 as Demand in Europe Plunges to 1996 Level, Production in US at 13-Year High; IMF Smoking Happy Dope.
14-16 years of petroleum supply demand growth has vanished.
Mike “Mish” Shedlock
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