Gasoline demand last week surged to the highest level for that period since the pandemic ended, according to JPMorgan.
U.S. crude oil was on pace Friday for a second weekly gain in a row, as gasoline demand has surged to post-pandemic highs.
Oil prices traded flat Friday morning but are ahead more than 3.6% for the week. Gasoline consumption in the U.S. surged to 9.4 million barrels per day, or bpd, last week, the highest level for that time of year since the Covid-19 pandemic ended, according to JPMorgan."Gasoline demand in the US has been on a steady rise since the Memorial Day weekend and we expect a further advance as record 71 million Americans are expected to travel during the upcoming July 4Experts say Shein's U.S.
Global oil demand has risen by 1.4 million bpd so far this month on U.S. gas consumption and robust summer travel in Europe and Asia, according to JPMorgan. Oil inventories rose by 15 million barrels in the second week of June as China restocked, though the investment bank is forecasting drawdowns later this summer.
JPMorgan is forecasting a Brent price of $90 per barrel by September as the market tightens on falling stockpiles due to summer fuel demand.OPEC+ decision to increase oil supply is a 'bearish surprise' for the market, Goldman saysInvestment committee talks the energy trade as oil hits $80 per barrelCrime and Courts
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