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US Daily Oil Summary: Gasoline Demand Falling

OIL

Despite strong holiday travel by road and cheaper pump prices, GasBuddy figures showed demand fell to 8.304mn bpd last week, down 2.6% vs the prior week and was 3.3% below the four-week average.

  • Arrivals of European gasoline into the USA fell by 40% on the week to 90k b/d in the seven days to No. 23, according to Bloomberg.
  • Phillips 66 began the restart of several units at the Borger refinery in Texas on 26 November according to the Texas Commission on Environmental Quality.
  • Global passenger jet fuel demand is set to fall by 1% to 5.9m b/d in the week to Dec. 4, according to BNEF. North America is leading the decline, with a weekly drop of 2.8% in demand, supported by Western Europe where regional demand is down by 1.1%.
  • The USD index has traded on a firmer footing across the US session following the shortened Thanksgiving week. Second tier softer US data did little to spark any volatility in currency markets and the DXY remains close to unchanged as we approach the APAC crossover.
  • US OCT. NEW-HOME SALES AT 679,000 ANN. RATE; EST. 720,500 bbg. US September new home sales revised to 0.719m SAAR.
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