US Daily Oil Summary: Strong AAA Holiday Travel Numbers

AAA said it expects 115.2 million domestic travellers to head 50 miles or more from home over the 10-day holiday travel period from Dec. 23-Jan. 1, a 2.2% increase on the year and the second highest year-end travel forecast since AAA’s records began in 2000, Dow Jones reported.

• A record number of 7.5mn people are expected to fly during 23 December and 1 January 2024, marking the busiest year-end flight travel season since at least 2000, AAA said.
• US gasoline demand reaches the second lowest weekly level since early 2023, falling again last week by 1.5% and was 1.0% below the average of the last four weeks according to GasBuddy data.
• US gasoline imports from Europe fell by 71% week on week to 75kbpd in the week ending 7 December, the lowest level since early October 2020 according to Bloomberg.
• US diesel exports to Europe reached 437kbpd so far this month, more than double the rate than in November and on track for a new record, according to Kpler data.
• USD: Broadly, the dollar index holds close to last week's post-NFP highs, making 104.26 the level of focus ahead. G10 spot ranges across US hours remained very contained as market participants remain on the sidelines ahead of key event risk this week, including tomorrow’s US inflation data.
• U.S. consumers' expectations for year-ahead price growth fell to their lowest level since April 2021, the Federal Reserve Bank of New York found in its latest survey, and longer-term expectations stayed steady.
• The Fed bank's November Survey of Consumer Expectations reported the median respondent sees inflation one year from now at 3.4%, down 0.2pp from the prior month and 3.4pps from the peak.