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US Gasoline Demand Gets No Boost from June: BNEF

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US gasoline demand had a disappointing summer, coming in some 5% below 2019 levels, according to EIA weekly data, cited by Bloomberg.

  • Given weekly data, many believed that this summer’s figures would be revised upwards, yet data from Aug. 30 suggested that June forecasts were overestimating by 98k b/d.
  • This has cast further doubt towards gasoline demand over what should be the peak period during the summer, Bloomberg said.
  • The more accurate monthly data has also consistently underestimated demand since 2022, leading to expectations of an upward revision.

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US gasoline demand had a disappointing summer, coming in some 5% below 2019 levels, according to EIA weekly data, cited by Bloomberg.

  • Given weekly data, many believed that this summer’s figures would be revised upwards, yet data from Aug. 30 suggested that June forecasts were overestimating by 98k b/d.
  • This has cast further doubt towards gasoline demand over what should be the peak period during the summer, Bloomberg said.
  • The more accurate monthly data has also consistently underestimated demand since 2022, leading to expectations of an upward revision.

Keep reading...Show less