Terror Taxes And Elections

Even yesterday as reported by Bloomberg, we are seeing U.S. fuel consumption hit the highest level for the month of March since 2008. The American Petroleum Institute reported that total deliveries of petroleum products, a measure of consumption, advanced 0.2 percent from a year earlier to 19.7 million barrels a day last month. Demand increased for jet fuel and distillate fuel, a category that includes diesel and heating oil, while consumption of gasoline dropped. Distillate fuel demand rose 4.3 percent to 4.11 million barrels a day. Jet fuel demand surged 7.4 percent to 1.65 million. Consumption of gasoline slipped 1.7 percent to 9.24 million barrels a day, still the second-highest March deliveries ever.

Output of crude, which has increased each month this year, was down 0.2 percent from March 2016 at 9.15 million barrels a day. Production of natural gas liquids, a byproduct of gas drilling, slipped 2.1 percent. Still, we saw crude oil stockpiles at 533.5 million barrels at the end of March, the highest for any month since 1930.

Natural gas is holding ground even after the Energy Information Administration reported a higher than expected in injection. The EIA reported a +54 bcf change in storage, bringing the total storage number to 2.115 bcf. This compares to the +6 bcf change last year and +35 bcf change for the five-year average. April temperatures are on track to be the warmest nationwide since 1950. With Tropical activity already starting, this summer could be very bullish for gas if the warm trend continues. Look for breaks to buy some calls.

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