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US Gasoline Demand’s Early Summer Surge Abates: BNEF

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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.

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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.

Keep reading...Show less