On the recent earnings call Valero (largest independent US refiner) said the following:
“…there’s really no indication of any demand destruction.
In June, we actually set sales records. We sold 911,000 barrels a day in the month of June, which surpassed our previous record in August of ’18 where we did 904,000 barrels a day.
We read a lot about demand destruction, mobility data showing in that range of 3% to 5% demand destruction.
Again, we’re not seeing it in our system.
We did see a bit of a lull in the first couple of weeks of July, but our seven-day averages now are back to kind of that June level, with gasoline at pre-pandemic levels and diesel continuing to trend above pre-pandemic levels.”
Again, the myth of “demand destruction” popularized by the so-called “economists” who need to reexamine the facts, remains, well,… a myth.