The U.S. Energy Information Administration EIA has recently puzzled oil market watchers and participants with a considerable upward revision to America’s oil consumption and implied gasoline demand for May. EIA’s weekly data releases for that month painted a picture of tepid U.S. gasoline demand, which contributed to a decline in international oil prices and added to concerns about demand in the world’s largest oil consumer.
The EIA’s Petroleum Supply Monthly showed that America’s total crude oil and petroleum product supplied, the proxy for oil demand, was at 20.8 million barrels per day bpd in May—the highest-ever for the month of May and highest since August 2023. The figure was 792,000 bpd higher compared to April. Supply of finished motor gasoline—the EIA’s proxy for gasoline demand—stood at 9.396 million bpd for May, the monthly data showed.
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