Been keeping an eye on heating oil prices for months, it's all become quite the gamble. https://archive.ph/jjilD >“Globally, we track demand losses of 2.8 million barrels per day in March, 4.3 million barrels per day in April, and 5.6 million barrels per day in May, while acknowledging extremely limited visibility in parts of Africa and Southeast Asia,” the analysts noted in the report. > “Roughly 40-60 percent of the decline reflects weaker petrochemical feedstock demand, with the remainder coming from transport fuels,” they added. ... “We spent last week in China, and the most striking takeaway from our meetings was not simply that oil demand has fallen, it was that it may have dropped by as much as nine percent, or 1.5 million barrels per day, abruptly, unexpectedly, and with remarkably little visible disruption,” the analysts said in the report. > “The sharpest hit has been in petrochemicals, but the weakness has spread to transportation fuels like gasoline and diesel. The decline does not appear to be the product of a formal government conservation campaign. There were no conspicuous appeals to save energy, no major limits on mobility, and no sense of crisis in daily life,” they added. > “Instead, it looks like consumers have made a quiet economic choice. Faced with higher gasoline, diesel and airfare, many seem to have shifted away from oil-based transportation toward cheaper, lower-carbon alternatives: electric buses, gas-powered trucks, subways, electrified high-speed rail, and electric taxis,” they continued. > The analysts stated in the report that feedback from Europe tells a similar story.