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The American Petroleum Institute reported US petroleum deliveries of 16.2 million b/d in May, 20% below May 2019 but up 14% from April. This was the largest monthly percentage gain since December 1975.
More than 80% of the increase came from motor gasoline as stay-at-home orders loosened.
A sharp demand recovery supports crude prices and suggests fuel demand is returning, which tightens the energy balance and can raise transport costs.
ogj.comOGJ editorsJun 19, 2020After 131 past bullish report events, Crude Oil (WTI) moved a median +1.2% over 5 sessions (60% higher; middle half -1.3% to +3.4%), and +2.9% over 20.
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.
