Oil prices tanked today falling more than 5.5% as fuel demand destruction and a bleaker macroeconomic picture took center stage. Finished motor gasoline supplied, a proxy for demand, fell last week to about 8 million bpd, its lowest since the start of this year. Some of that lost demand could be attributed to torrential rainstorms in the northwest. Seasonally, U.S. gasoline consumption is at the lowest level in 22 years, according to commodity analysts at JP Morgan. Meanwhile gasoline inventories rose by 6.5MM/bbls, far in excess of the 200K bbl rise expected. Crude stocks fell by 2.2MM/bbls and crack spreads were down to the lowest in 1.5 years. WTI traded down $5.01 or -5.6% to close at $84.22. Brent traded down $5.11 or -5.6% to close at $85.81.