This week’s petroleum report from the Energy Information Administration (EIA) shows a stark drop in gasoline demand following a near-record high last week.
The latest EIA data estimates that demand fell over 530,000 barrels/day from the previous week – down from 9.8 million b/d to 9.3 million b/d. Despite the week-over-week drop, demand is still strong, which – along with tighter supplies – have helped keep pump prices high this summer.
Should demand figures trend lower in coming weeks, pump prices could be poised for a slight downturn. In its latest weekly report, EIA also reported that total gasoline stocks in the country grew by 2.9 million bbl, which could support lower pump prices amid decreasing demand.