New data from the Energy Information Administration (EIA) revealed that demand skyrocketed to 9.8 million b/d last week. The estimate is approximately 700,000 b/d more than the previous week and 550,000 b/d more than the first week of April in 2018. Many market analysts expect the estimate to be revised downward when EIA releases final demand figures for April later this year, but the high estimate likely signals that 2019 could bring the highest gasoline demand rates ever recorded by EIA — potentially as early as this summer. High gasoline demand helped to lower total domestic gasoline stocks to 229.1 million bbl – a loss of 7.7 million bbl from the previous week. Shrinking supplies amid high demand will likely contribute to increased pump prices. Since Monday, the national average for unleaded regular gasoline has increased four cents to $2.78.
First Week of April Brings Summer-Like Gas Demand Rate