As lockdowns ease, May gasoline demand increases and crude oil production slows (8/5/2020)

The U.S. Energy Information Administration’s (EIA) data show that demand (tracked by EIA as product supplied) for gasoline increased month-over-month in May as many states began to relax stay-at-home orders, while demand for jet fuel continued to decline to historic lows because of reduced commercial air travel. The May data also show a decline in crude oil inventories—because of a narrow uptick in crude oil runs (or crude oil inputs to refineries)—and a large decline in crude oil production. EIA’s July Petroleum Supply Monthly (PSM), which includes the complete set of key U.S. petroleum data from May 2020, shows how crude oil and petroleum product markets continue to be affected by the changing measures taken to mitigate the spread of the 2019 novel coronavirus disease (COVID-19). ... More »