{"id":56983,"date":"2022-05-18T11:42:01","date_gmt":"2022-05-18T15:42:01","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=56983"},"modified":"2022-05-18T11:42:01","modified_gmt":"2022-05-18T15:42:01","slug":"records-everywhere-and-not-a-drop-to-spare","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2022\/05\/records-everywhere-and-not-a-drop-to-spare\/","title":{"rendered":"Records Everywhere And Not A Drop To Spare"},"content":{"rendered":"<p>\u201cThe following is an excerpt from Tim Snyder\u2019s \u201cWeekly Quick Facts\u201d newsletter. Tim is an accomplished economist with a deep understanding of applied economics in energy. We encourage you to visit <strong><a href=\"https:\/\/broadcast.ino.com\/redirect\/?linkid=5899\" rel=\"noopener\" target=\"_blank\">Matador Economics<\/a><\/strong> and learn more about Tim. While there, you can <strong><a href=\"https:\/\/broadcast.ino.com\/redirect\/?linkid=5899\" rel=\"noopener\" target=\"_blank\">sign up<\/a><\/strong> for his completely free Daily Energy Briefs and Weekly Quick Facts newsletters.\u201d<\/p>\n<p>As we continue the gasoline discussion from <a href=\"https:\/\/www.ino.com\/blog\/2022\/05\/u-s-records-another-record-for-retail-gasoline\/\" rel=\"noopener\" target=\"_blank\">last week<\/a>, economists are fielding questions, from most of the conservative media, regarding just what needs to happen to change the trajectory of retail fuel prices in the U.S.<\/p>\n<p>Last week, alone, I did 12 radio interviews and gave a lunch address to the Petroleum Engineers Club of Dallas. The subject for each one of those interviews was the same, \"How high can prices go\" and \"How much longer with these record fuel prices hang on\"?<\/p>\n<p>To address these two questions, we must look at the remaining conditions, after the pandemic and the Biden administration. They are tight inventories for gasoline and diesel, drive season, and increased demand. I'm not even going to drift off into the fact that the Hurricane Season starts in 15 days.<\/p>\n<p>We started the year at 232.8 million barrels, and As of 5-6-2022, gasoline inventories sat at 225 million barrels. As for the distillate inventories, they began the year at 126.8 million barrels and as of 5-6-2022 stood at 104 million barrels.<!--more--><\/p>\n<p>As for refinery demand, 2021 showed better than a million barrel increase from the beginning of the year until the end. On the other hand, 2022 refinery demand started at 15.573 million barrels per day but has fallen to 15.466 as of the end of April. Are we beginning to see a pattern?<\/p>\n<p>Production is pretty much trending like refinery demand. Add in an embargo on Russian crude oil, and this scenario goes out of focus in a hurry. Then we just added the \"Summer Blends\" into the gasoline supply. Here we go again!<\/p>\n<p>On Thursday, May 12, 2022, President Biden canceled offshore leases in Alaska and the Gulf of Mexico in light of record gasoline and diesel prices. So what happened to the pledge that was made to bring prices down; oh yeah, it's politics. So the answer is, it won't change until the politics change!<\/p>\n<p>I keep watching to see when the price of gasoline and the distillates (diesel fuel, heating oil, kerosene, and jet fuel) attempt to make a break for the downside. But hey, keep running like the old \"Energizer Bunny\" with never change batteries.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/13391.jpg\" width=\"456\" height=\"450\" alt=\"gasoline\" class=\"aligncenter size-medium\" \/><\/p>\n<p>We'll need to watch the refining operations as we head into the peak of the driving season. Statistics show that the highest demand period for gasoline is from Memorial Day to the Fourth of July. So we're in it, folks.<\/p>\n<p>With refineries holding pretty close to flat, production is flat, to slowing ever so slightly. The chart below shows just 2022 Refinery Runs by week, and it shows demand for crude oil to make gasoline may be outpacing U.S. Production.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/13389.jpg\" width=\"696\" height=\"375\" alt=\"gasoline\" class=\"aligncenter size-medium\" \/><\/p>\n<p>Looking back at the 2021 graph, production kept up with refinery demand.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/assets.ino.com\/img\/sites\/ino\/email\/13390.jpg\" width=\"677\" height=\"321\" alt=\"gasoline\" class=\"aligncenter size-medium\" \/><\/p>\n<p>Timothy S. Snyder, Economist<br \/>\n<a href=\"https:\/\/broadcast.ino.com\/redirect\/?linkid=5899\">Matador Economics<\/a><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>\u201cThe following is an excerpt from Tim Snyder\u2019s \u201cWeekly Quick Facts\u201d newsletter. Tim is an accomplished economist with a deep understanding of applied economics in energy. We encourage you to visit Matador Economics and learn more about Tim. While there, you can sign up for his completely free Daily Energy Briefs and Weekly Quick Facts [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":36,"featured_media":56984,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6920],"tags":[31655,31659,8826],"class_list":["post-56983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ino-com-contributors","tag-gasoline-prices","tag-tim-snyder","tag-u-s-gasoline"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Records Everywhere And Not A Drop To Spare - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"description\" content=\"Gasoline continues to dominate the headlines this week, as the United States records another record for retail gasoline.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2022\/05\/records-everywhere-and-not-a-drop-to-spare\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Records Everywhere And Not A Drop To Spare - 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A graduate of Texas Tech University, Tim currently collaborates with Texas Tech\u2019s College of Agriculture Sciences and Natural Resources, in the areas of Marketing and Policy. His extensive experience of over 35 years as an Applied Economist has provided a substantial background from which he draws. His current work focus is Oil and Gas, Petroleum, Agriculture, Policy, and the Financial Markets, including both equities and commodities. The purpose of this, is to provide a more refined set of skills for his clients so they can understand the effects of changing economic conditions on consumer-sensitive markets. Tim has been involved in the oil and gas industry since he graduated from Texas Tech. He has worked extensively with ethanol and biodiesel initiatives as fuel additives, and then, in all phases of production, transportation and marketing in the broader complex of petroleum and energy markets. Risk management has also been a major focus for Tim. Helping others understand the effects of recovering energy economy and the influence of macroeconomic factors is his daily charge, as recovery from the pandemic continues. His company, Matador Economics, was founded in September of 2005 and his initial focus was on marketing and business development for energy and agriculture. After the financial crisis of 2008, Tim pivoted his business to focus on the broader spectrum of energy production and policy, distribution and marketing for crude oil and the refined products. Today, he publishes a daily and weekly commentary for subscribers. \u201cMatador Charts Abbreviated\u201d is a quick look at energy commodity prices in chart form for technical analysis, and \u201cEnergy Brief Today\u201d is his \u2019Headline\u201d daily commentary focusing on market moving fundamentals and policy initiatives that are driving energy markets today. Tim also publishes a weekly offering called \u201cWeekly Quick Facts\u201d. This publication offers highlights from the Weekly Petroleum Status Report, US Energy Information Administration\u2019s Weekly Gasoline and Diesel Retail Price Survey and the Baker Hughes Rig Count. The purpose of the weekly summary is to provide subscribers a weekly-ready reference on inventories, production, prices and much more. Tim is currently published in several industry related magazines, online and in the print media. He also currently serves as an Energy Economist and expert guest for several radio programs across Texas and the US. He currently serves as co-host for a daily radio program in West Texas and the Permian Basin. And he has worked with the host on this program for more than 17 years. In 2016, Tim moved to Dallas to be closer to his two sons and their families. While in Dallas, Tim accepted a position with City Bank as an economist, working in business development and currently also works with customers in the mortgage area as well. This is in addition to his Matador Economics responsibilities. 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A graduate of Texas Tech University, Tim currently collaborates with Texas Tech\u2019s College of Agriculture Sciences and Natural Resources, in the areas of Marketing and Policy. His extensive experience of over 35 years as an Applied Economist has provided a substantial background from which he draws. His current work focus is Oil and Gas, Petroleum, Agriculture, Policy, and the Financial Markets, including both equities and commodities. The purpose of this, is to provide a more refined set of skills for his clients so they can understand the effects of changing economic conditions on consumer-sensitive markets. Tim has been involved in the oil and gas industry since he graduated from Texas Tech. He has worked extensively with ethanol and biodiesel initiatives as fuel additives, and then, in all phases of production, transportation and marketing in the broader complex of petroleum and energy markets. Risk management has also been a major focus for Tim. Helping others understand the effects of recovering energy economy and the influence of macroeconomic factors is his daily charge, as recovery from the pandemic continues. His company, Matador Economics, was founded in September of 2005 and his initial focus was on marketing and business development for energy and agriculture. After the financial crisis of 2008, Tim pivoted his business to focus on the broader spectrum of energy production and policy, distribution and marketing for crude oil and the refined products. Today, he publishes a daily and weekly commentary for subscribers. \u201cMatador Charts Abbreviated\u201d is a quick look at energy commodity prices in chart form for technical analysis, and \u201cEnergy Brief Today\u201d is his \u2019Headline\u201d daily commentary focusing on market moving fundamentals and policy initiatives that are driving energy markets today. Tim also publishes a weekly offering called \u201cWeekly Quick Facts\u201d. This publication offers highlights from the Weekly Petroleum Status Report, US Energy Information Administration\u2019s Weekly Gasoline and Diesel Retail Price Survey and the Baker Hughes Rig Count. The purpose of the weekly summary is to provide subscribers a weekly-ready reference on inventories, production, prices and much more. Tim is currently published in several industry related magazines, online and in the print media. He also currently serves as an Energy Economist and expert guest for several radio programs across Texas and the US. He currently serves as co-host for a daily radio program in West Texas and the Permian Basin. And he has worked with the host on this program for more than 17 years. In 2016, Tim moved to Dallas to be closer to his two sons and their families. While in Dallas, Tim accepted a position with City Bank as an economist, working in business development and currently also works with customers in the mortgage area as well. This is in addition to his Matador Economics responsibilities. 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