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US Gasoline Demand Well below 2021 Levels: OPIS

OIL PRODUCTS

Gasoline demand likely averaged just below 8.5mbpd last week according to the OPIS survey, down from 9.411mbpd during the same week in 2021.

  • Gasoline implied demand has seen a slight recovery in recent weeks although fell 1.8% in the week to 21 Oct to 8.7mbpd and 0.2% below the four-week average according to GasBuddy.
  • Refiners will have difficulty making a profit on gas for the remainder of 2023, according to OPIC. Costs of environmental blending requirements are currently also weighing on refiners.
  • RBOB gasoline prices have tested new lows on Tuesday for this year in recent days according to GasBuddy.
  • RBOB NOV 23 up 1.1% at 2.29$/gal
  • EU Gasoline-Brent up 1$/bbl at 7.02$/bbl
  • US gasoline crack up 0.8$/bbl at 11.98$/bbl

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