https://blog.pricegroup.com/2023/04/27/currently-unwilling-the-energy-report-04-27-2023/
"...Yet despite talk about weaker demand in China and confidence that we would see a supply deficit, the EIA Status report, if current trends continue and we don’t have a major recession, suggests otherwise. There has been some talk of gasoline demand disappointments. Yet the EIA seemed to dispel those concerns. The EIA showed that gasoline demand surged higher by 992,000 barrels a day hitting 9.511 million barrels a day. If you look at the four-week average gasoline demand is up 3.9% over year ago levels.
Total US petroleum demand was back up to 20.208 million barrels a day and based on the four-week average is 2.2% above year ago levels. Diesel demand was also solid as distillate fuel product supplied averaged 3.9 million barrels a day over the past four weeks, up by 4.8% from the same period last year. Jet fuel product supplied was up 3.3% compared with the same four week average a year ago.
Supplies on the other hand are below normal. The EIA reported U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) fell by a massive by 5.1 million barrels from the previous week. At 460.9 million barrels, U.S. crude oil inventories are about 1% below the five-year average for this time of year. Keep in mind that SPR supply is at the lowest level since 1983 and are a whopping 186 million barrels below year ago levels. Total motor gasoline inventories decreased by 2.4 million barrels from last week and are about 7% below the five-year average for this time of year. They are 10% below the ten year average. Distillate fuel inventories decreased by 0.6 million barrels last week and are about 12% below the five-year average for this time of year."