U.S. oil demand surpassed pre-pandemic levels in May and June, as revealed by the latest data revisions from the US Energy Information Administration. Consumption in June reached a five-year seasonal peak of 20.7 million barrels per day, fueled by an unprecedented summer usage of natural gas liquids in petrochemical processes. Motorists in America used up 9.28 million barrels of gasoline daily in June, slightly above prior estimates, but still significantly below pre-Covid-19 levels.
Thursday’s data marks the fourth consecutive upward revision in U.S. oil consumption, indicating that overall demand is stronger than initially anticipated. The EIA faced criticism last summer for underestimating gasoline demand, however, this year’s weekly figures had suggested weaker consumption than what has transpired.
Simultaneously, the surge in demand may be counterbalanced by increased U.S. oil production, which in June returned to pre-pandemic levels. Production in June also saw a slight rise to 12.8 million barrels per day.
Read more at Bloomberg.