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US Refiner Comments on Demand

OIL PRODUCTS

US refiner comments on US fuel demand, given EIA data and market comments suggesting higher prices have led to demand destruction:

  • "Through our wholesale channel, there's really no indication of any demand destruction ... in June, we actually set sales records," Gary Simmons, Valero Energy Corp executive vice president.
  • "Our seven-day averages now are back to kind of that June level, with gasoline at pre-pandemic levels and diesel continuing to trend above pre-pandemic levels," Gary Simmons.
  • "We’re at the same levels [demand] we’ve been for the past 90 days," said PBF Chief Executive Tom Nimbley.
  • "Inevitably inventories will need to be replenished from these extraordinary low levels ... this will require refineries to continue running at high levels of utilization," Tom Nimbley.
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