America’s Oil Demand Is Roaring Back Faster Than Expected By Bloomberg

© Bloomberg. A natural gas well being drilled in the Eagle Ford shale in Karnes County, Texas.

(Bloomberg) — U.S. oil consumption is rushing back much faster from the pandemic slump than first predicted as Americans are hitting the road, unleashing a burst of pent-up travel demand.

Consumption is so strong that the federal Energy Information Administration on Friday pegged May’s demand for U.S. oil products at 20.094 million barrels a day, or almost 7% higher than its original estimate.

The demand, which the EIA classifies as product supplied, still remains below where it was in 2019, before the coronavirus interrupted travel for millions. But surprisingly, it’s within spitting distance of the May 2019 figure of 20.387 million barrels a day.

U.S. fuel demand has been watched around the world as proxy for the economic recovery. Gasoline has led the way, with consumption by motorists hitting a record earlier this summer. The fuel represents about half of all U.S. oil products demand.

©2021 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
editorpen Governmental News Finance News

Source link

Back to top button