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OIL PRODUCTS: US Gasoline and Diesel Demand Recovers in Week to July 19

OIL PRODUCTS
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The latest EIA weekly petroleum status report for the week to July 19 showed a renewed recovery in US oil product implied demand as gasoline demand  resumed the rally since late January.

  • Four week implied gasoline demand in the week to July 19 reversed most of post July 4 holiday decline seen the previous week to rise to 1.9% above the previous five year average. The last couple of years have seen a seasonal decline in demand after July so any support in the coming weeks could take levels further above normal.
  • Four week implied distillates demand also rose in data this week to just 0.3% below the previous five year average although remains below levels seen during late May and June.
  • Jet fuel demand, on a four week basis, remains above last year’s levels and 13.6% above the five year average.  Demand could drop next week due to the IT disruption to global flights and airports late last week.

 

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The latest EIA weekly petroleum status report for the week to July 19 showed a renewed recovery in US oil product implied demand as gasoline demand  resumed the rally since late January.

  • Four week implied gasoline demand in the week to July 19 reversed most of post July 4 holiday decline seen the previous week to rise to 1.9% above the previous five year average. The last couple of years have seen a seasonal decline in demand after July so any support in the coming weeks could take levels further above normal.
  • Four week implied distillates demand also rose in data this week to just 0.3% below the previous five year average although remains below levels seen during late May and June.
  • Jet fuel demand, on a four week basis, remains above last year’s levels and 13.6% above the five year average.  Demand could drop next week due to the IT disruption to global flights and airports late last week.

 

Keep reading...Show less