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Peak US Summer Gasoline Demand May Have Peaked: GasBuddy

OIL PRODUCTS

According to GasBuddy data, weekly (Sun-Sat) US gasoline demand was down 0.8% from the prior week and 1.6% below the four-week average.

  • GasBuddy models US gasoline demand at 8.93mbpd and commented that peak summer demand appears to have peaked.
  • On the penultimate day of July, US gas prices have eclipsed $3.75/gal for the first time in 257 days according to OPIS pricing data. High summer temperatures have impacted US refining, with more than 500,000 b/d of refining capacity unable to be utilized. Stocks also remain low.
  • US gasoline crack down -0.2$/bbl at 40.27$/bbl

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