Looks like we are leveling off around unchanged year over year.
Consumption started falling off after GDP went negative in the second half of 08 so the year over year comps should show higher consumption for the second half of 09.
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Tag Archives: Gasoline
RBOB moving up
Even as spot crude prices remain low, and the front contango extreme, RBOB (unleaded gasoline) has been steadily moving up, and the crack spread widening substantially.
This fits with anecdotal reports of gasoline consumption remaining reasonably firm with year over year declines under 4%.
It’s not going to take much of a recovery to give the Saudis cover to get crude prices back up to whatever price they want them to be.
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Gasoline demand
this doesn’t look like the stuff of recession:
FUNDAMENTALS TO SUPPORT
Barclays Capital said gasoline demand indications from the U.S., the world’s largest consumer, have been robust.
“Gasoline is showing the strongest year-on-year growth in demand for January-to-date,” it said in a research note.
“In each of the past six years, February has marked the start of a run of six months of consecutive month-on-month gasoline demand increases, and we have no reason to expect 2008 to break that pattern.”
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gas demand +.9%
Give Saudi/Russians comfort that they can keep hiking.
And markets say Fed will keep ‘accommodating’.
So much for higher prices curbing demand!
DJ US Gasoline Demand +0.9% On Week – MasterCard SpendingPulse(DJ)
NEW YORK (Dow Jones)–U.S. gasoline demand for the week ended Dec. 21, measured by purchases at the pump, rose 0.9% from a week earlier, according to a report by MasterCard Advisors LLC, a division of MasterCard Inc. (MA). Gasoline demand increased by 597,000 barrels, or 85,286 barrels a day, to 67.919 million barrels, or 9.703 million barrels a day, last week, according to the report, which is compiled by SpendingPulse, a retail data service of MasterCard Advisors. The four-week average demand level was 65.518 million barrels, or 9.36 million barrels a day, MasterCard said, up from 96,429 barrels a day from a week ago. Retail gasoline prices fell 1 cent to an average $2.98 a gallon over the week, the report said. That is 28.4% higher than a year ago.
SpendingPulse is a macroeconomic indicator that reports on national retail sales and is based on aggregate sales activity in the MasterCard payments network, coupled with estimates for all other payment forms, including cash and check. MasterCard SpendingPulse doesn’t represent MasterCard financial performance. The Department of Energy is due to issue its weekly petroleum data, including gasoline demand, on Thursday at 10:30 a.m. EST.
The data, put out by the DOE’s Energy Information Administration statistics and analysis unit, doesn’t count how many gallons are sold. Instead, it offers a “Product Supplied,” or implied demand figure, in its weekly report. “Product Supplied” represents the total volume of gasoline that has moved on from refineries, pipelines, blending plants and terminals on its way to supplying retail stations.
-By Matt Chambers, Dow Jones Newswires; 201-938-2062;
matt.chambers@dowjones.com
Dow Jones Newswires
December 26, 2007 14:00 ET (19:00 GMT)
Copyright (c) 2007 Dow Jones & Company, Inc. – – 02 00 PM EST
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