The Energy Information Administration said gasoline demand, or more accurately, the amount of gasoline delivered into the U.S. gasoline market, got a jumpstart for the unofficial kickoff to the peak summer driving season, averaging 9.3 million barrels per day for the week leading up to Memorial Day weekend.
The agency noted this level of demand represents the highest weekly average since the week ending November 1, 2002 and is more than 600,000 bpd more than averaged during the week leading up to Memorial Day last year.
“This is relatively surprising, as the moving four-week average demand levels over the last several weeks have been lower than year-ago levels,” EIA noted.
The report stated the most recent monthly data shows gasoline demand in March was 0.8 percent less than the same period in 2002, and weekly data since then has shown a similar pattern.
“With presumably improving weather and currently lower gasoline prices, it will be interesting to see if the higher level of gasoline demand last week was a one-week phenomenon or an early start to the peak summer driving season.”