A little bit more evidence came through last week that US gasoline demand growth has slowed.
The latest Petroleum Supply Monthly report from the Energy Information Administration released May 30 showed only 0.4% year-over-year growth in the amount of finished gasoline supplied to the market in March. During January through March, demand was 1.4% higher year-over-year, down from 2% demand growth during the Jan-Feb period.
There could be a number of reasons for the weaker demand growth during March, including a late-winter storm that kept drivers in the northern US off the roads.
The 1.4% demand growth during the first quarter corresponds well to the latest weekly report, which showed a 1.5% increase over last year during the past four weeks.
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