The Energy Information Administration’s (EIA) estimate of gasoline demand for the week ending on April 27, registered at 9.09 million b/d –remaining flat from the previous week. The EIA’s measurements from the past two weeks have been more in line with the usual spring driving season than the nearly 9.9 million b/d estimate reported in the middle of April – a record-breaking figure that more closely resembles demand rates seen during the high-demand summer driving season. That figure will likely move lower when EIA publishes its monthly petroleum report for April 2018. EIA’s monthly report revises the weekly estimates in light of actual measurements, which from time-to-time are overestimated. For example, in EIA’s Petroleum Supply Monthly for February 2018, the final demand figure came in at 8.817 million b/d – a 220,000 b/d drop from the weekly estimates EIA issued during that month. Even with demand remaining flat, gas prices have increased eight cents in the last two weeks with other factors, including the switchover to summer blend, geopolitical events, global supply and U.S. production, driving prices.
Gasoline Demand Flat for Second Week in a Row