US Gasoline Market Dips in Peak Season as High Prices Slow Demand
Futures and crack spreads slump on lagging consumption
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Gasoline demand in the US shows signs of further softening just three weeks into the peak driving season, with near-record prices likely encouraging people to stay closer to home.
The four-week moving average of gasoline supplied — the best gauge for demand — fell below 9 million barrels a day, or about 600,000 barrels less than typical seasonal levels, according to data from the US Energy Information Administration.