Crude Slips in the U.S. With Bleak Summer Demand Outlook
- States such as Florida and Texas roll back reopening plans
- Fuel consumption for July 4 weekend down more than 20% y/y
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U.S. crude futures edged lower with investors concerned that lackluster demand through the summer months will weigh on the market’s recovery.
As coronavirus infections rise across much of the U.S., major fuel-consuming states including California, Florida, Arizona and Texas have reimposed stricter measures to curb the spread. Gasoline demand could fall by 17% in July from the same time last year if lockdowns are reintroduced, according to JBC Energy GmbH.