Friday, January 22, 2021

Tag: Bone-Chilling WTF Charts of the Collapse in US Demand for Gasoline

Bone-Chilling WTF Charts of the Collapse in US Demand for Gasoline, Jet Fuel, and Diesel

by Wolf Richter, Wolf Street:

It started in mid-February for jet fuel and in mid-March for gasoline.

Oil companies are reporting financial fiascos every day: Today Exxon reported its first quarterly loss since 1999 ($610 million), on a “market-related” $2.9 billion write-down. “We’ve never seen anything like what the world is facing today,” CEO Darren Woods said.

On Thursday, Texas-based shale-driller Concho Resources reported a quarterly loss of $9.3 billion, after writing down the value of its oil and gas assets by $12.6 billion.