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US Gasoline Demand Below Estimate in Nov: JPM

OIL

US gasoline consumption is about 200kb/d below estimate at 8.6mb/d in November on weaker Thanksgiving weekend demand according to JP Morgan.

  • Global oil demand is 300kb/d below the monthly projection but expanded 1.9mb/d in Jan-Nov this year. Strong consumption was seen in Italy, Portugal, and South Korea but weaker in Germany.
  • China demand is tracking 200kb/d above estimates amid an increase in flights but low trucking activity.

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