Weak US gas demand clouds oil outlook
US gasoline market is flashing signs of weakness at the start of summer
The US gasoline market is flashing signs of weakness at the start of summer driving season, a time it generally picks up strongly, and analysts say this clouds the picture for oil demand ahead of the OPEC+ group policy meeting that kicks off this weekend.
US gasoline demand fell about 2% week-over-week to 9.15 million barrels a day, even as refiners ramped up to their highest run-rate in nine months, government data for the week ended May 24 showed. That led to a surprise jump in gasoline inventories, which pushed futures prices for the fuel to a three-month low on Thursday.
The difference between gasoline futures and US oil futures, a measure of refiners’ margins on gasoline, also slipped to a three-month low.
Published in The Express Tribune, June 2nd, 2024.
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