• 2 hours EIA Weekly Inventory Data Due Wednesday, Despite Govt. Shutdown
  • 6 hours Oklahoma Rig Explodes, Leaving Five Missing
  • 8 hours Lloyd’s Sees No Room For Coal In New Investment Strategy
  • 11 hours Gunmen Kidnap Nigerian Oil Workers In Oil-Rich Delta Area
  • 13 hours Libya’s NOC Restarts Oil Fields
  • 14 hours US Orion To Develop Gas Field In Iraq
  • 3 days U.S. On Track To Unseat Saudi Arabia As No.2 Oil Producer In the World
  • 3 days Senior Interior Dept. Official Says Florida Still On Trump’s Draft Drilling Plan
  • 3 days Schlumberger Optimistic In 2018 For Oilfield Services Businesses
  • 3 days Only 1/3 Of Oil Patch Jobs To Return To Canada After Downturn Ends
  • 3 days Statoil, YPF Finalize Joint Vaca Muerta Development Deal
  • 4 days TransCanada Boasts Long-Term Commitments For Keystone XL
  • 4 days Nigeria Files Suit Against JP Morgan Over Oil Field Sale
  • 4 days Chinese Oil Ships Found Violating UN Sanctions On North Korea
  • 4 days Oil Slick From Iranian Tanker Explosion Is Now The Size Of Paris
  • 4 days Nigeria Approves Petroleum Industry Bill After 17 Long Years
  • 4 days Venezuelan Output Drops To 28-Year Low In 2017
  • 4 days OPEC Revises Up Non-OPEC Production Estimates For 2018
  • 5 days Iraq Ready To Sign Deal With BP For Kirkuk Fields
  • 5 days Kinder Morgan Delays Trans Mountain Launch Again
  • 5 days Shell Inks Another Solar Deal
  • 5 days API Reports Seventh Large Crude Draw In Seven Weeks
  • 5 days Maduro’s Advisors Recommend Selling Petro At Steep 60% Discount
  • 5 days EIA: Shale Oil Output To Rise By 1.8 Million Bpd Through Q1 2019
  • 5 days IEA: Don’t Expect Much Oil From Arctic National Wildlife Refuge Before 2030
  • 5 days Minister Says Norway Must Prepare For Arctic Oil Race With Russia
  • 5 days Eight Years Late—UK Hinkley Point C To Be In Service By 2025
  • 6 days Sunk Iranian Oil Tanker Leave Behind Two Slicks
  • 6 days Saudi Arabia Shuns UBS, BofA As Aramco IPO Coordinators
  • 6 days WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 6 days Norway Grants Record 75 New Offshore Exploration Leases
  • 6 days China’s Growing Appetite For Renewables
  • 6 days Chevron To Resume Drilling In Kurdistan
  • 6 days India Boosts Oil, Gas Resource Estimate Ahead Of Bidding Round
  • 7 days India’s Reliance Boosts Export Refinery Capacity By 30%
  • 7 days Nigeria Among Worst Performers In Electricity Supply
  • 7 days ELN Attacks Another Colombian Pipeline As Ceasefire Ceases
  • 7 days Shell Buys 43.8% Stake In Silicon Ranch Solar
  • 7 days Saudis To Award Nuclear Power Contracts In December
  • 7 days Shell Approves Its First North Sea Oil Project In Six Years
Alt Text

Will 1 Billion EVs Crash Gasoline Demand?

Electric vehicle sales are picking…

Alt Text

Oil-Rich Venezuela Is Out Of Gasoline

Iván Freites, a secretary of…

Alt Text

New Importers Keep LNG Markets Tight

While increased LNG demand from…

U.S. Gasoline Demand Climbs To Record Highs

Gasoline

Gasoline demand in the United States reached the highest level on record in August this year, at 9.77 million bpd, or up by 83,000 bpd from August 2016. That’s according to the Energy Information Agency, which added that this was the fourth monthly increase in demand in the past five months.

The increase is rather modest, however, and the next few months could see declines, as the last quarter of the year is a traditionally weak period for gasoline demand. Prices for the most popular fuel rose palpably in September, following the demand disruptions during this year’s hurricane season. These hit a two-year high of US$2.69 per gallon in early September, but later fell to US$2.57 a gallon in early October.

The EIA expects gasoline prices to average US$2.49 per gallon in October and continue falling, to reach US$2.33 per gallon in December. U.S. gasoline demand accounts for a tenth of global demand, Reuters notes, and has been growing consistently since 2012.

Yesterday, the American Petroleum Institute estimated that gasoline inventories had fallen by as much as 7.697 million barrels in the week to October 27, versus much more modest expectations of a 1.7-million-barrel to 2.5-million-barrel draw.

Crude oil demand was down in August, the EIA also said, by 114,000 bpd to 20.16 million bpd, despite the increase in gasoline demand. According to experts, fuel efficiency has a lot to do with the modest increase in gasoline demand, although the increase in miles driven in August was also modest, at 0.8 percent on an annual basis.

Crude oil production averaged 9.2 million bpd in August, down slightly from 9.23 million bpd in July, the EIA also said. In its last Short-Term Energy Outlook, the authority forecast September crude production to have risen from August to 9.3 million bpd, and average 2017 production to stand at 9.2 million bpd, rising to 9.9 million bpd next year.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • Yakoff Smrinof on November 01 2017 said:
    The fed reserve is in panic mode as inventories fall.

Leave a comment




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