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EIA: Demand Gets Knocked, Crude Exports Surge

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  • Domestic consumption of gasoline and diesel in the US fell during July as high prices undercut post-pandemic demand.
  • Crude oil exports posted a new record in July.
  • Europe is taking more US crude as the market adjusts to Russian disruptions.

Oil demand took a sizable hit in the US this July, government data show, and motor fuel consumption remained below pre-pandemic levels — the direct result of record-high prices at the pump.

Topics:
Oil Demand, Oil Trade, Gasoline, Diesel/Gasoil, Oil Products
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