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US Gasoline Demand Around 8.3-8.5mn bpd: OPIS Survey

OIL PRODUCTS

OPIS reports US gasoline demand around the 8.3-8.5 million bpd range based on its latest survey figures.

  • OPIS said last week’s EIA figure for product supplied – a proxy for demand – underestimated real levels by about 250,000 bpd. It reported a weekly figure of 8mn bpd. The EIA figure is typically more accurate on a 4-week average basis because of the way it is calculated.
  • About 6% of all US retail pump prices are under $3/gal and that number will expand in coming days and weeks due to weak cracks according to OPIS.

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