According to figures released on Sunday by GasBuddy.com, the nation’s demand for gasoline increased every day over the previous week, jumping 1.7% in the most recent week to 8.45 million barrels per day.
According to Patrick De Haan, head of petroleum analysis at GasBuddy.com, which monitors gasoline prices throughout the US, demand for the week ending February 5 was also 3.7% higher than the four-week moving average.
U.S. Gasoline
De Haan noted in a tweet that “for the first time since June, U.S. gasoline demand was not only up every day over the week before period but also over the four-week average.”
According to GasBuddy, the amount of gasoline consumed was the biggest weekly total since the week of December 18, when demand reached 8.74 million barrels.
- The nation’s demand for gasoline increased every day over the previous week.
- Consumption of Gasoline is 8.45 million barrels per day.
- In the last week, refinery utilization rates increased by 2.2 percentage points to 87.9%.
- As of last Friday, gasoline futures were trading at $2.50 per gallon, up from $2.32 on February 3.
In contrast to experts’ estimates in a Reuters poll for a 1.3-million-barrel increase, U.S. gasoline stockpiles (USOILG=ECI) increased by 5 million barrels to 239.6 million barrels in the week ended Feb. 3, according to the Energy Information Administration, on Wednesday.
In the last week, refinery utilization rates (USOIRU=ECI) increased by 2.2 percentage points to 87.9%.
Additionally, the cost of wholesale gasoline has been increasing recently. As of last Friday, gasoline futures were trading at $2.50 per gallon, up from $2.32 on February 3.
In the meantime, oil prices increased by more than 2% on Friday and gained more than 8% for the week as Russia revealed intentions to cut oil output next month as a result of price limitations the West placed on its crude and fuel. U.S. and Brent crude both saw weekly gains of 8.6% and 8.1%, respectively.
