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Wednesday, June 3, 2009
Unpredicted Drop in US Demand for Gasoline
Bloomberg - On the heels of a seven month peak in oil prices, news of burgeoning inventories and an unexpected drop in demand pushed the cost of oil back down today.
Especially noteworthy was the major decline in US demand for gasoline. Demand fell 900,000 barrels to 17.7 million barrels a day last week, the biggest decrease since January 9. Gasoline consumption slipped 518,000 barrels to 9.02 million, the biggest decline since January 2005.
“It was surprising to see gasoline demand drop, because of the Memorial Day holiday,” said Mike Zarembski, senior commodity analyst at OptionsXpress Holdings Inc. in Chicago. “It’s probably a sign that consumers are cutting back on driving because of the run-up in retail prices.”
The peak U.S. gasoline demand period traditionally lasts from late May’s Memorial Day holiday until Labor Day in early September, as Americans take to the highways for vacations.
To read the full article, click here.
Especially noteworthy was the major decline in US demand for gasoline. Demand fell 900,000 barrels to 17.7 million barrels a day last week, the biggest decrease since January 9. Gasoline consumption slipped 518,000 barrels to 9.02 million, the biggest decline since January 2005.
“It was surprising to see gasoline demand drop, because of the Memorial Day holiday,” said Mike Zarembski, senior commodity analyst at OptionsXpress Holdings Inc. in Chicago. “It’s probably a sign that consumers are cutting back on driving because of the run-up in retail prices.”
The peak U.S. gasoline demand period traditionally lasts from late May’s Memorial Day holiday until Labor Day in early September, as Americans take to the highways for vacations.
To read the full article, click here.
Labels: gas prices, oil prices, oil supply/demand
posted by Amanda Voss at 1:21 PM
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