X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 42 mins U.S. Presidential Elections Status - Electoral Votes
  • 11 hours Interest article about windmills and waterwheels in Europe
  • 6 hours Retired RAF pilot wins legal challenge over a wind farm
  • 2 days NYT:  The Supreme Court’s order (Re:  Trump’s tax returns) set in motion a series of events that could lead to the startling possibility of a criminal trial of a former U.S. president
  • 1 day Speaker Pelosi, "Tear Down This Wall"
  • 22 hours Chance for (Saudi)Arabian peninsula having giant onshore Gas too?
  • 2 days Disaster looming in UK offshore wind power
  • 2 days Wednesday Nikki Haley reached out to Trump for meeting at Mar-a-lago. Trump said No ! You blew it Nikki . . .
  • 20 hours “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 2 days Scientist clone endangered Black Footed Ferret from Ferret that died 30 years ago . It's a 100% exact genomic match.
Bank Of America Sees $70 Oil By Summer

Bank Of America Sees $70 Oil By Summer

Bank of America raised its…

China's Oil Reserves Near Limit

China's Oil Reserves Near Limit

China's crude oil reserves have…

Editorial Dept

Editorial Dept

More Info

Premium Content

Gasoline Demand Is Set For A Rapid Rebound

Friday, May 15, 2020

1. IEA: Gasoline demand will come back quickly

- The IEA said in its latest Oil Market Report that global oil demand hit its nadir in April (-25.2 bm/d), and will still be down by 21.5 mb/d in May. But the agency has a somewhat optimistic take on demand recovery for the rest of the year.

- In the U.S., for instance, gasoline demand was down 12 percent in March, year-on-year, and 40 percent in April. But in May, demand will be down 25 percent, and only 15 percent in June.

- In the second half of the year, gasoline demand “returns to normal,” the IEA said.

- But that assumes “no continued impact from confinement measures,” which, to say the least, is a rather large caveat.

2. U.S. and OPEC+ shoulder cuts

- Non-OPEC supply has already declined by 3 mb/d since the start of the year, with more in the offing, according to the IEA.

- Total global supply is set to plunge by 12 mb/d in May, a combination of shut-ins and the OPEC+ cuts. At 88 mb/d, production will be at the lowest level in 9 years.

- By the fourth quarter, U.S. supply could be down 2.8 mb/d compared to the end of 2019.

- Drilling activity in U.S. shale is at a record low. “[W]e think that the last time there was so little drilling activity in the US was the 1860s during the first decade of the Pennsylvania oil boom,” Standard Chartered analysts said in a note.

3. Storage crisis eases

-…





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News