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EIA raises gasoline demand outlook: Correction

  • Märkte: Oil products
  • 09.04.24

Corrects headline to show only gasoline demand view raised.

The US Energy Information Administration (EIA) today raised its predicted US consumption of gasoline for 2024, supporting stronger price expectations.

Gasoline demand in 2024 is expected to average 8.95mn b/d, the EIA said Tuesday in its monthly Short-Term Energy Outlook (STEO), up by 0.3pc from the prior forecast. Gasoline demand expectations for 2025 were also adjusted higher to 8.91mn b/d, a 0.1pc increase.

The increases were driven by higher gasoline export expectations.

Forecasts for gasoline prices in 2024 and 2025 also rose from previous forecasts, with the EIA now showing prices increasing by between 3.7pc and 5.9pc every quarter through the end of 2025 when compared to the March STEO. This raised predicted average gasoline price in 2024 to $3.59/USG and $3.58/USG for 2025.

These adjustments came as the outlook for year-end 2024 national inventories of gasoline was reduced by 1.125mn bl to 230.5mn bl. This shift in the forecast was attributed to reduced refinery production and the expectation of higher net exports of the fuel.

Diesel demand adjusted lower

National diesel demand for 2024 was adjusted lower by 0.1pc, bringing expected US consumption to 3.94mn b/d. Diesel demand in the first quarter was 3.1pc lower than last month's forecast, drawing down the yearly average.

Like gasoline, diesel prices were also predicted to rise on lower inventory estimates, with EIA data predicing the average diesel price for 2024 at $4.06/USG, up by 2.2pc from the prior report. The average 2025 diesel price was predicted 4.9pc higher at $4.19/USG.

Diesel year-end stockpiles are expected to be lower this year than previously forecast, with the EIA now projecting 121.3mn bl of diesel inventories, down by 4.1pc from prior projections.

The forecast for US jet fuel consumption this year was reduced by about 1pc to 1.67mn b/d, while the forecast for 2025 was adjusted higher by 0.2pc to 1.72mn b/d.


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