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U.S. Gasoline Demand "Well Under" 9mn b/d: OPIS

OIL PRODUCTS

The OPIS survey of U.S. gasoline volumes pumped at retail suggests a low demand figure for last week at “well under 9-million b/d” according to its head of research Tom Kloza.

  • “Quite a demand hiccup after Memorial Day surge,” he said via X, adding “RBOB futures and spot gasoline numbers will find a bottom soon. But expect shaky numbers this week.”
  • “Quietly, but significantly today's OPIS/AAA US gas price average of $3.532/gal is the lowest price in 2Q2024 so far,” Kloza said Monday as demand is expected to hot up now the summer driving season is underway but proves lacklustre historically.
  • GasBuddy models US gasoline demand at 8.633mbpd for the week ending June 1. “Gasoline demand has been very very soft to start summer. We may only rarely crack 9mbpd,” GasBuddy analyst Patrick De Haan said via X.
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