activity up 3 and 1/2% year-over-year in both June and July. So, what the heck is going on? For me, the only viable explanation here is that there has been, in addition to strategic releases of crude oil, we have likely seen strategic releases of diesel as well. Now, an important caveat and implication here, which is if we think they're drawing down strategic stockpiles of diesel, the implication is that they had to be building them in prior states. So, some of our historical estimates
For me, the only viable explanation here is that there has been, in addition to strategic releases of crude oil, we have likely seen strategic releases of diesel as well.