Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

America’s Oil Demand Is Roaring Back Faster Than Expected

Published 07/31/2021, 03:14 AM
Updated 07/31/2021, 03:14 AM
© Bloomberg. A natural gas well being drilled in the Eagle Ford shale in Karnes County, Texas.

© Bloomberg. A natural gas well being drilled in the Eagle Ford shale in Karnes County, Texas.

(Bloomberg) -- U.S. oil consumption is rushing back much faster from the pandemic slump than first predicted as Americans are hitting the road, unleashing a burst of pent-up travel demand.

Consumption is so strong that the federal Energy Information Administration on Friday pegged May’s demand for U.S. oil products at 20.094 million barrels a day, or almost 7% higher than its original estimate.

The demand, which the EIA classifies as product supplied, still remains below where it was in 2019, before the coronavirus interrupted travel for millions. But surprisingly, it’s within spitting distance of the May 2019 figure of 20.387 million barrels a day.

U.S. fuel demand has been watched around the world as proxy for the economic recovery. Gasoline has led the way, with consumption by motorists hitting a record earlier this summer. The fuel represents about half of all U.S. oil products demand.

©2021 Bloomberg L.P.

© Bloomberg. A natural gas well being drilled in the Eagle Ford shale in Karnes County, Texas.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.