US oil demand is down 1MMbpd week on week (a 5% drop, driven by industrial type products) and 1.3MMbpd YoY; it has gone negative YoY over the last few months.
I had put it down to less trips to the mall/ more Amazon orders, but this contraction is accelerating now if the weekly data isnt just a 1 week blip. 5% is an inventory liquidation. Question is whether its a sign of further liquidations or just noise.
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