November 01, 2023 16:10 GMT
US Gasoline Demand Continues Recovery as Distillates Demand Falls
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.
Source: EIA / MNI
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