Daily Energy Report
US oil and gasoline demand, seizure of Iranian oil tanker, Sales of Electric vehicles, CO2 credit scams, decline in Russian oil exports and more
Chart of the Day: How strong is US oil demand?
Figure (1) above shows trends in US oil demand since 2018. It shows a strong start for US oil demand in the first four months of the year to the extent that the demand in April was the highest in the last 6 years.
The chart shows how the COVID-19 lockdowns in 2020 reduced demand significantly (by more than 5 mb/d)
EOA’s Main Takeaway
How strong is US oil demand? The answer depends on the starting point and the accuracy of weekly data. However, two facts are clear:
Prices and recessions affect demand.
It takes a long time for demand to recover after recessions.