Reuters with a report on last week"s data showing low gasoline demand
- U.S. Energy Information Administration said Wednesday that the four-week average of gasoline supplied in the United States was 8.2 million barrels per day
- Lowest since February 2012
Caution is warranted though:
- "It"s tough to base conclusions solely on the weekly data, which can be off significantly," said Mark Broadbent, a refinery analyst with Wood Mackenzie. "If the demand is low as it the data shows, then it"s a going to be real problem for refiners."
And, the data may not be reflecting what is actually happening:
- Valero executives said the EIA data did not reflect what they are seeing in their own network, where demand has remained strong. They noted that gasoline demand has risen on a year-over-year basis when exports are added to domestic consumption.
Jury out on this one - Reuters for more
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- Wood Mackenzie is a consultancy group
- Valero is an US refiner
Weekend oil: US refiners face weakening gasoline demand, 1st time in 5 years
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