Demand indicators from the commodities sector show the U.S. remains resilient, though it’s clear the pandemic is not yet over.
Daniel James Graeber
Gas prices are rising to the highest levels since 2014.
Demand for refined petroleum products such as gasoline are still not yet at pre-pandemic levels.
California, with gas prices topping $4 per gallon, is skewing the national average higher.
The federal government showed a major drop in commercial crude oil inventories, but refined petroleum products show an increase.
GasBuddy’s Patrick DeHaan thinks gas prices will start to drop gradually.
Federal data released Thursday show gasoline demand is charting new heights, as oil prices step back from a 6-year-high.
Even with gas prices at the highest level in 6 years, demand is outpacing supplies.
A small dip in implied demand was attributed to inclement weather.