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US Gasoline Set for July 4 Boost

OIL PRODUCTS

AAA projects 50.7 million Americans will travel 50 miles or more from home this Independence Day weekend, setting a new record for the holiday.

  • This year’s projection surpasses the previous July 4th weekend record set in 2019 of 49 million travelers.
  • This July 4th weekend is expected to set a new record for the number of Americans traveling by car for the holiday. AAA expects 43.2 million people will drive to their destinations, an increase of 2.4% over 2022 and 4% higher than 2019.
  • Bloomberg reported earlier this week that despite more drivers on the road covering greater miles, more fuel-efficient cars, electric vehicles and higher biofuel blends will mean gasoline demand is unlikely to hit pre-pandemic levels.
  • East Coast gasoline stocks have fallen well below seasonal norms while stronger summer domestic demand in Europe has limited gasoline imports from Europe into the East Coast to 350,000 bpd in June, 17% down on May.
  • Average US retail gasoline prices are seeing downward pressure vs week ago, month ago and year ago levels in the run up to July 4 according to GasBuddy. National average at $3.54/gal and should continue to ease ahead of the holiday. The average is down about $1.34/gal vs year ago levels.
  • US gasoline crack up 0.2$/bbl at 35.18$/bbl
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