US gasoline demand climbed 10pc last week but remained well below normal levels as fuel producers work to match consumption cut by Covid-19 containment efforts.
Implied gasoline demand increased in the week ended 24 April by 10pc to 5.9mn b/d, its highest level since 27 March but still 37pc lower than the same week last year. Total gasoline stockpiles fell by 1.4pc to 259.6mn bl following draws in every region but the US Gulf coast.
Implied diesel demand increased by 1pc to 3.2mn b/d, 25pc lower than the same week last year and 20pc below average. National stockpiles of that fuel increased by 3.7pc to 141.9mn bl, with builds in every region east of the Rocky Mountains.
The estimated gains in weekly fuel consumption offer some encouragement to refiners that have slashed rates to match sharply lower consumption. Crude throughputs at US refineries increased last week by 2.4pc to 12.8mn b/d, still 19pc lower than the five-year average for the week.
US gasoline demand plunged by 24pc in the final week of March to a record 5.1mn b/d low for 29 years of weekly data. Retailers and pipeline operators reported steep drops nationwide as that month drew to a close. Consumption crept higher through mid-April, based on federal data. But gasoline inventories had continued to climb, and implied demand remained at the lowest levels in decades.
