It’s rather suddenly an important question on a number of fronts. Goldman is seeing a big fall in US demand:
…implied demand data points to US gasoline demand in January declining 460 kb/d or 5.2% year-on-year. In the absence of a base effect, such a decline has only occurred in four periods since 1960 during which time PCE contracted.
…to achieve the 5.9% decline suggested by the weekly data, our model requires PCE to contract 6%, in other words, a recession: