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OIL PRODUCTS: US Summer Gasoline Demand Well Below Pre-Covid Levels: Argus

OIL PRODUCTS
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US gasoline demand ended the 2024 summer driving season well below pre-Covid pandemic levels, and at the lower end of post-Covid norms, Argus said.

  • US summer driving season gasoline demand from May-September 2024 averaged 9.1m b/d, according to the EIA weekly demand data.
  • This is up around 49k b/d on 2023 and up 291k b/d from 2022, but well below the 9.4m b/d in 2021.
  • In the ten years prior to the pandemic, US summer gasoline demand averaged 9.3m b/d.
  • Gasoline demand has lagged due to increases in efficiency of internal combustion engines and EVs taking a greater share of vehicles.
  • Monthly EIA data (typically more accurate), is also showing lower gasoline demand, with June averaging 9.1m b/d.
  • The EIA revised down demand for Q2 & Q3 this year by 1.1% and 0.4% respectively to 9.1m b/d.
Source: Argus
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US gasoline demand ended the 2024 summer driving season well below pre-Covid pandemic levels, and at the lower end of post-Covid norms, Argus said.

  • US summer driving season gasoline demand from May-September 2024 averaged 9.1m b/d, according to the EIA weekly demand data.
  • This is up around 49k b/d on 2023 and up 291k b/d from 2022, but well below the 9.4m b/d in 2021.
  • In the ten years prior to the pandemic, US summer gasoline demand averaged 9.3m b/d.
  • Gasoline demand has lagged due to increases in efficiency of internal combustion engines and EVs taking a greater share of vehicles.
  • Monthly EIA data (typically more accurate), is also showing lower gasoline demand, with June averaging 9.1m b/d.
  • The EIA revised down demand for Q2 & Q3 this year by 1.1% and 0.4% respectively to 9.1m b/d.
Source: Argus