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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL PRODUCTS
US gasoline demand’s revival after hitting a nadir in April is now abating, although demand continues to look robust for June, according to BNEF.
- The four-week average of product supplied - a proxy for implied demand – has risen for five successive weeks, up by around 0.5m b/d.
- However, a sharp rise in inventories, up by over 4m bbl in the past two weeks is likely to add some pressure to prices and could be a sign of softening consumption.
- US gasoline prices currently average $3.475/gal, down around 20 cents/gal on the whole-month May average, according to GasBuddy data.
- Falling gasoline prices during peak driving season will likely be welcomes by the Biden administration, both in terms of its likely effect on inflation figures, and on sentiment during the presidential election campaign.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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