US Gasoline Demand at 8.876mbpd, Oil Prices Fall on Inventory Increase

US gasoline demand experienced fluctuations last week with a 1.3% decrease but remained slightly above the four-week average. GasBuddy estimated US gasoline demand at 8.876mbpd. Meanwhile, oil prices fell after the American Petroleum Institute reported a 2.5 million barrel increase in US crude inventories. US implied oil demand dropped by 26kbpd to 20.030mbpd, with varying changes in different oil products. US commercial petroleum inventories saw a significant rise of 7.5 MMbbl, driven by increases in crude, jet fuel, and other oils. EIA data indicated a rise in implied demand for gasoline, diesel, and jet fuel, reaching 14.2mbd, close to the post-pandemic seasonal average. Additionally, US crude stockpiles unexpectedly rose while gasoline inventories decreased due to growing demand.