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b'Physical oil rally pauses due to weak margins
https://mobile.reuters.com/article/amp/idUSKBN23T0O7
- refinery margins are down
- this year we will see difference in typical seasonal variations in refining because of a backlog of products that have be consumed before stored crude can be tapped to produce more products.

Asian Buyers Turn to U.S. Oil Amid Uncertain Flows From OPEC
https://www.bloomberg.com/news/articles/2020-06-21/asian-buyers-turn-to-u-s-oil-amid-uncertain-flows-from-opec
- Chinese petrochemical companies buying WTI Midland crude, Indian Oil Company purchased 12 million barrels of US crude for delivery between now and 2021

Extra oil cuts from delinquent OPEC+ members could shrink the market by 1 million b/d
https://www.spglobal.com/platts/en/market-insights/latest-news/oil/061920-extra-oil-cuts-from-deliquent-opec-members-could-shrink-the-market-by-1-million-bd
- Some OPEC+ members have to submit plans for how they will cut production but some still haven\\u2019t
- This means that some producers will still be cutting into July, August and September while others are increasing production

API Monthly Statistical Report & API Industry Outlook Q2
- relationship between oil and dollar. Usually inverse. The strength of the dollar can make oil more or less expensive for consuming nations in local currency terms since oil is transacted in dollars. But what we\\u2019re seeing is actually a flight to the dollar, people moving assets and cash into US dollars
- Saudi Arabia\\u2019s has had to lean on international debt market and is suffering because its riyal is pegged to the dollar
- Dichotomy in fuel recovery. 80% of the recovery in fuel demand is in gasoline. Distillate and Jet fuel recovery looks quite different. Diesel fuel didn\\u2019t decline as much as gasoline and jet fuel because uptick in trucking and delivery but STILL trending down. Demand For distillate did pick up month-on-month. Jet fuel is the only product that went down. Jet fuel may no longer be a good indicator of economic growth. Airline travel may change fundamentally as a result.
- New record for month of May in crude oil stocks - from a total inventory perspective it looks a lot like 2019 but from crude oil inventory its way out of the range. Are prices in fantasy land given where crude oil stocks are today?
- Deliveries are a proxy for demand: Fits and starts seen in deliveries show us that stations aren\\u2019t ordering deliveries of fuels as regularly as they used to so the demand looks like its coming in fits and starts.
- Supply decrease was very good from a policy standpoint because the market itself prevented states from having to make policy decisions to artificially alter the market. It\\u2019s painful though.

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