In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.
Let’s take a look.
1. US Gasoline Falls Below $4/Gallon Again
- The average retail price of gasoline in the US fell below $4 per gallon on Thursday for the first time since March, losing more than $1/USG from its June peak of $5.02/USG.
- With crude oil prices dropping below $100 per barrel on the back of recessionary fears, the pressure on gasoline has eased as summer driving season is gradually nearing its end.
- According to EIA data, gasoline demand in the country fell by more than 6% year-on-year in July, with the four-week average of 8.59 million b/d being even weaker than COVID-stricken 2020 levels.
- Flat month-on-month inflation recorded in July has also shifted the sentiment to the upside, though gasoline spending as share of total expenses still trends around the 10% mark.
2. Even When OPEC+ Increases Output, It Is Not Enough
- Despite OPEC+ recording a 500,000 b/d month-on-month supply increase in July, bringing the oil group’s total to the highest total level since March at 42.58 million b/d, it is still producing well below its stated goals.
- Short of the 648,000 b/d monthly target, OPEC+ underperformance has risen to 2.8 million b/d,…