Amid warmer weather and looser pandemic restrictions, surging demand for gasoline over the Memorial Day weekend was no surprise.
Daniel James Graeber
Gasoline demand is at pre-pandemic levels.
Prices remain distorted by the Colonial fuels pipeline outage and an extraordinary spike in gasoline demand.
Talk of progress in Iranian negotiations is driving oil prices lower.
Panic at the pump is adding to the widely reported supply-side pressures.
Inventory data next week will be skewed by the major U.S. pipeline outage.
The Colonial Pipeline meets about half of the East Coast market demand for refined petroleum products.
Refinery issues in the U.S. Gulf Coast are compounding the issue, with gas prices set to break $3 just in time for summer.