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US Daily Oil Summary: Daily Gasoline Demand Jumps

OIL

US gasoline demand jumped 9.5% Sep. 21 compared with the same time last week, according to GasBuddy. The week to date gasoline demand is now 3.7% above the previous week’s demand level.

  • A federal appeals court in New York ruled that Venezuela’s PDVSA is unable to use sanctions as an excuse for not paying $348mn in defaulted debt.
  • the USD index narrowing in on the best levels for 2023. However, a reversal lower for front-end US yields and considerable weakness for US equity indices dampened the greenback optimism. Despite the USD index now trading flat on the session, we still remain well above pre-FOMC levels.
  • House Speaker Kevin McCarthy won the support of a few hardliners Wednesday night in his effort to quell his restive right flank and pass a short-term spending bill but the risk of a US government shutdown remains high just 10 days before a funding lapse.
  • Sep-20: The Federal Reserve left interest rates steady at 22-year highs Wednesday but kept the door open to one more increase in borrowing costs this year, while reducing the number of rate cuts officials see in 2024.
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