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US Gasoline Implied Demand Falls to Lowest Seasonally Since 1998

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The latest weekly EIA oil data showed four week average US gasoline demand fell to the lowest since mid-February and the lowest for this time of year since 1997.

  • The demand is about 680kbpd below the previous five year average as high domestic pump prices are weighing on demand after the end of the peak summer driving season. The extreme reaction is unexpected so may see a levelling out in the coming weeks according to BNEF.
  • Diesel weekly demand also fell but the four week average implied demand remained relatively unchanged in the week to hold just above the previous five year average.

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The latest weekly EIA oil data showed four week average US gasoline demand fell to the lowest since mid-February and the lowest for this time of year since 1997.

  • The demand is about 680kbpd below the previous five year average as high domestic pump prices are weighing on demand after the end of the peak summer driving season. The extreme reaction is unexpected so may see a levelling out in the coming weeks according to BNEF.
  • Diesel weekly demand also fell but the four week average implied demand remained relatively unchanged in the week to hold just above the previous five year average.

Keep reading...Show less