• Why Does Economic Data Matter? Originally released on 08/26/2026
Oil Consumption, Updated Hormuz Numbers, Your Context Matters,
From The Distilled Perspective of Patrick T Bulger, Capital Management & Analytics

• Because Data can paint a picture of Risk, 

Your portfolio normally has risk exposure, and
• You cannot recover TIME. Data, Risk & Your Investment Plan Are Related.

• What's Going On and Why?

It is generally accepted that 
Global oil consumption is above 100 million barrels per day.

• Today's headline:

(Source: First Squawk)
10 MILLION BARRELS OF OIL LEFT HORMUZ YESTERDAY
9:22 AM · Aug 26, 2026

• Per our headline, 

One tenth of unrefined supply doesn't seem impactful.
Oil is not viewed as the largest issue, 

• I see production issues with distillates & derivatives:

The global damage to refinery infrastructure takes quarters to years to repair.

• Despite a reduced global economic optic, 

Supply looks to have devolved below that of sluggish demand, 
In both production capacity and supply chain delivery:

- Petrochemical & industrial: plastics, synthetic materials, chemical feedstocks,
- Transportation: Road, Aviation, Maritime,
- Power Generation & Heating.

• Recall, 

Over the last few years there have been numerous cuts to global oil output. 
A sign of sluggish economic condition. My other data supports this view.

• Hormuz Crossings, 

Monday, 8/24, reported passings 4
Tuesday, 8/25, reported passings 17
Normal was near 100 per day...pre conflict.
(Source: Windward) These numbers include Dark Passings

• Conference Board (CB) Consumer Confidence (Aug):

Came in at levels that appeared in the 2001 & 2007 areas, 
Both in recessionary ranges.
These are in line with confidence readings from The University of Michigan survey.

• Yesterday's global collateral volatility seems to have left the thought process of the flock/herd. 
However, it did occur.

• Curves can steepen into recessionary periods...

Question of the day: If you're borrowing the money, is it really profit?

• Conclusion:

I don't see quality in the numbers.
I do see statistical outliers.
I see risk rising, Call in for details.

Visit the bio, click "Ask" to reach out.

• It’s time to reach out to get more of the why about portfolio efficiency.

Thanks for your time.

Best, 
PTB

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