Turns out they didn't, via Reuters
Getting an edge in the markets is a constant pursuit of investors keen to be on the right side of trades as early as possible. A few weeks ago oil traders thought that they had found just such an edge from Apple and the way they could potentially monitor real time fuel demand.
Nearly three quarters of all oil consumption world wide is through vehicles movement. As a result the news that Apple could monitor real time fuel demand was particularly valuable. Especially so as traders had been looking for any clues on the speed of recovery post major COVID-19 lockdowns.
Apple's tracking oil demand
The data from Apple came mid April when Apple revealed new data on human mobility trends. This captured user's activity in looking for directions on smartphones.
However, it was not as effective as thought
The user's data was found out to be ineffective in finding fuel demand. This was simply because user's search data did not translate into actual activity. US Memorial Day normally starts the US summer driving season, but demand for oil fell for the week including the holiday by ~6% according to the US Energy Information Administration (EIA). The problem with the data is that it was based on search information rather than actual distance travelled. This makes sense as I often use my phone to find directions to place without ever intending to travel to them. Sometimes I might just want to search for the location of a business to see how far away it is in case of an order problem.
Other sources energy traders use
RBC analyst Michael Tran said currently, he finds TomTom more reliable than Apple searches. He attributes this in part because most people don't use apps to map out their commute. RBC combines TomTom data with other geolocation data that is used in house for their research purpose.
