U.S. Oil Demand Picks Up Steam as Economic Expansion Quickens
- Gasoline use rises through spring to highest since August
- EIA says crude stockpiles are at the lowest since February
Oil tankers anchored in the Pacific Ocean off Long Beach, California.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
The U.S. economy is emerging from a year of lockdowns in a big way and that’s showing up in the oil market.
A rolling average of U.S. gasoline demand rose to the highest since August, according to the latest data from the Energy Information Administration. The nation’s refineries are processing the most crude crude oil in over a year just after the pandemic started as they make more fuel for the upcoming summer travel surge. At the same time, crude supplies fell by the most in two months, bringing nationwide stockpiles to the lowest since late February.