Weekly US Gasoline Demand Update
US gasoline demand sees slight recovery ahead of winter storm top-offs
Weekly demand rises slightly on weather
According to GasBuddy data, weekly total US gasoline demand rose 1.8% from the prior week but was 2.9% below the four week rolling average. The week was back loaded, every day saw a large decline from the four week average except Friday and Saturday, likely as a major winter weather system hitting the East Coast drove motorists to top off and fill up ahead of the storm. As you see below, the weather impacted demand in a large way, but this week will likely see demand destruction in the same areas as conditions remain poor to drive.
Broken down by PADD region, US gasoline demand changes from a week ago:
PADD 1 +4.1% (Friday was up 26.9% from the prior, with Saturday up 19.7% from the prior Saturday. Early data from yesterday (which is a new week) showed significant demand destruction of 16.9%)
PADD 2 +1.4% (Friday saw a jump of 14.9% from the prior, but Saturday was subdued at +2.0%.)
PADD 3 -1.2%
PADD 4 +0.5%
PADD 5 -0.9%
Broken down by PADD region, US gasoline demand changes vs a month ago:
PADD 1 -7.4%
PADD 2 -11.3%
PADD 3 -13.3%
PADD 4 -12.1%
PADD 5 -12.1%
National -9.4%