◂ Event Timeline

Jun 6, 2023MACROUS

U.S. diesel demand is falling despite economic growth

The EIA forecasts US diesel demand will fall through 2024 despite economic growth, as services drive GDP more than goods. Manufacturing PMI fell to 46.9 in May, its seventh straight month below 50.

WHY IT MATTERS

Weaker freight-linked diesel demand points to softer fuel prices and lower trucking activity, a modest bearish signal for energy costs in feed logistics.

AFFECTSDIESEL▼

SOURCE
hydrocarbonprocessing.comJun 6, 2023

Price reaction & history

DIESEL▼bearishSO FAR1d -0.3%5d -2.5%20d +5.3%

After 79 past bearish macro events, DIESEL moved a median -1.0% over 5 sessions (39% higher; middle half -5.7% to +1.7%), and -1.5% over 20.

Jul 8, 2022Global diesel demand starts to slacken as economy falters | Reuters-0.3%
Apr 6, 2023Global diesel prices fall as economic slowdown intensifies-2.0%
May 28, 2019Falling diesel fuel demand in china paints bleak picture-8.8%
Apr 25, 2023Sliding Diesel Prices Signal Warning for U.S. Economy-5.7%
May 29, 2019: Global economic slowdown hits diesel consumption - Kemp-8.6%

Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.

DIESEL · GP ▸

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