Insight
US gasoline demand is still holding up...
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Report summary
The global outbreak of COVID-19 is increasingly affecting the US. As the world’s largest oil consumer, a key question for the oil market is how US liquids demand will be affected by the COVID-19 crisis. In the Macro Oils short-term outlook March 2020, we estimate US demand falls by 250,000 b/d in Q1 2020 year-on-year and rises slightly in Q2 2020. With containment measures rising in the US, will we need to adjust our view downward? We are engaged in a review of US liquids demand and have turned to our new sister company, Genscape, to examining near term data for US gasoline demand. Using Genscape Supply Side data, we looked at daily rack activity (or delivery from secondary terminals to retail stations) across the US. Some effect was shown in Padd 5 US west coast where the effect from containment was earliest. Interestingly, no significant downturn is yet observed in the other large markets of the US.
Table of contents
- The impact of Covid-19 on US gasoline demand – an early indication emerges in PADD 5
- Overall US gasoline demand is strong, but PADD 5 shows a sign of weakness
- Precautions started in PADD 5, expanding in other regions
Tables and charts
This report includes the following images and tables:
- U.S. gasoline rack activity, month-on-month change
What's included
This report contains:
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