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US Gasoline Demand Continues Recovery as Distillates Demand Falls

OIL PRODUCTS
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The latest weekly EIA oil data showed four week average US gasoline demand edging up from the five year range lows despite a drop in the weekly data.

  • Despite a gradual increase during October the four week average is still 3.3% below the previous five year average for this time of year and 9% below pre pandemic levels. Further relief is likely to be needed at the pump to recover the additional ground according to Bloomberg.
  • Diesel weekly demand fell, taking the four week average implied demand down to the low end of the previous five year seasonal range. US distillates inventories remain 12.4% below the five year average with a record low for the time of year on the East Coast.

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The latest weekly EIA oil data showed four week average US gasoline demand edging up from the five year range lows despite a drop in the weekly data.

  • Despite a gradual increase during October the four week average is still 3.3% below the previous five year average for this time of year and 9% below pre pandemic levels. Further relief is likely to be needed at the pump to recover the additional ground according to Bloomberg.
  • Diesel weekly demand fell, taking the four week average implied demand down to the low end of the previous five year seasonal range. US distillates inventories remain 12.4% below the five year average with a record low for the time of year on the East Coast.

Keep reading...Show less