GASOLINE CONSUMPTION
Oil prices edge higher as supply risks mount
Oil prices responded to geopolitical tensions and supply disruptions, with concerns over fuel demand dynamics. The market saw gains in Brent and WTI futures amidst heightened uncertainties, while attention remained on the impact of geopolitical conflicts on oil supply. Anticipation of increased gasoline consumption over the July 4th weekend offered some relief amid persisting demand challenges.
Oil prices slide on fears of slow US demand after surprise inventory build
Oil prices dropped due to rising U.S. stockpiles, affecting market sentiment. Brent crude traded at $84.17, and U.S. West Texas Intermediate at $80.58 per barrel. Escalating conflicts in Gaza, notably in Rafah, contribute to market uncertainties amidst concerns over weakening demand.
Oil hits seven-week high on demand hopes, war jitters
Oil prices hit seven-week highs on Wednesday as summer demand optimism and concerns over escalating conflicts offset an industry report that said U.S. crude inventories unexpectedly rose.
India's May fuel use inches up on month on strong industrial activity
India's fuel consumption in May increased due to strong industrial activity and elections, as per data from the PPAC. The country's oil demand and consumption trends are reflected in the data provided by the PPAC.
Oil falls more than $1 on worries of supply rising later in 2024
Oil prices fell more than $1 on Tuesday, extending losses from a four-month low in the previous session, as investors worried about supply rising later in the year amid signs of weakening U.S. demand.
Oil prices extend losses on worries of supply rising later in 2024
Oil prices fell with Brent crude at $78.16 and U.S. West Texas Intermediate at $74.05. OPEC+ extended output cuts into 2025. GasBuddy data indicated a decline in U.S. gasoline prices.
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Oil dives 3%, OPEC+ decision fails to allay demand worries
OPEC+ on Sunday agreed to extend most of its deep oil output cuts into 2025 but left room for voluntary cuts from eight core members to be gradually unwound from October onwards. The group also agreed to a new output target for the United Arab Emirates, which has been pushing for higher quota.
Asia stocks gain, dollar drifts as inflation tests await
Asian stocks rose for the fourth month, while the dollar drifted lower. Investors await inflation readings from Europe and the U.S. for interest rate guidance.
BYD launches new hybrid vehicle tech that promises 100 km with just 2.9 litres fuel
BYD in China launches latest plug-in hybrid technology achieving record low fuel consumption of 2.9 litres per 100 km. Unveiled by Chairman Wang Chuanfu in Xian, Shaanxi province, site of BYD's first automaking factory.
Nevermind those EVs — oil demand keeps growing
Oil demand concerns persist as Brent crude prices have been fluctuating. Gasoline consumption are rising despite push for electric vehicles.
Cooling core inflation will bring US Fed some relief
The core consumer price index (CPI), which excludes food and fuel, is seen rising 0.3% from a month earlier after 0.4% advances throughout the first quarter. The Bureau of Labor Statistics will issue its CPI report on Wednesday. Compared with April 2023, the core CPI is projected to rise 3.6%. While that annual increase would be the smallest in three years, it's still running too fast to placate Federal Reserve policymakers, who want evidence inflation is slowing consistently as they debate interest-rate cuts.
India's fuel demand hits new FY record, up about 5%
India's fuel consumption decreased by 0.6% year-on-year in March, totaling 21.09 million metric tons. However, demand for the 2024 financial year increased by about 5%, reaching a record high of 233.276 million tons. Sales of diesel, gasoline, bitumen, cooking gas, and naphtha saw increases, while fuel oil usage declined in both March and the fiscal year.
India's fuel demand rises 5.7% YoY in February on strong factory output
India's fuel consumption increased by 5.7% YoY in February, reaching 19.72 million metric tons, according to government data. This growth was attributed to strong factory activity in the country. Diesel demand, primarily used by trucks and commercially run passenger vehicles, rose by 6.2% YoY to 7.44 million tons in February.
India's fuel demand rises 8.2% y/y in January
India's fuel consumption rose 8.2% YoY in January to 20.04 million tonnes, driven by strong industrial activity. Diesel sales increased by 3.5% to 7.43 million tons, and gasoline sales grew by 9.6% to 3.10 million tons. Factory activity improved substantially, and carmakers reported record sales.
India expects fuel demand to grow 2.7% in the next fiscal year
India's fuel consumption is expected to rise 2.7% in the next fiscal year beginning on April 1, according to data from the Petroleum Planning and Analysis Cell. Consumption of gasoline is expected to rise by 5.4% to 39.2 million tonnes, while diesel consumption is expected to increase by 2.7% to 92.4 million tonnes.
India's fuel demand hits seven-month high in December
India's fuel consumption reached a seven-month high in December, reaching 20.054 million metric tons. Total consumption increased by 6.2% from 18.89 million tons in November, up 2.6% compared to the same period a year earlier. Diesel sales increased by 0.9%, while gasoline sales fell 4.5%. Sales of bitumen, fuel oil, cooking gas, and naphtha also increased.
Oil demand growth in India to taper in 2024 after bumper years
Consumption will expand 150,000 barrels a day in 2024, down from about 290,000 barrels a day seen from 2021 to 2023, according to Rystad Energy Head of Oil Trading Mukesh Sahdev. The drop will return growth near the pace seen from 2011 to 2019, he said. The International Energy Agency, meanwhile, sees growth halving to 100,000 barrels a day, as per its November report.
India's fuel demand slips in November from four-month peak
Total consumption in November, a proxy for oil demand, fell by 2.8% to 18.72 million tonnes from 19.26 million tonnes in October, the data from the Indian oil ministry's Petroleum Planning and Analysis Cell (PPAC) showed. It was down about 2% compared with the same period a year earlier. "Consumption increased in October due to agricultural demand and as people traveled during the festive season. November is seeing a dip as people reverted to normal activity," said Prashant Vasisht, vice president and co-head, corporate ratings at ICRA.
Oil prices fall again; demand worries outweigh tight supply
Brent crude oil futures fell 68 cents, or 0.8%, to $85.19 a barrel by 11:07 a.m. ET (1507 GMT). U.S. West Texas Intermediate crude futures were 67 cents, or 0.8%, lower at $83.55. At their session lows, both benchmarks were down more than $1.
Higher gasoline prices lift US retail sales in August; weekly jobless claims rise slightly
US retail sales rose by 0.6% in August, surpassing expectations, due to higher gasoline prices. However, July's sales were revised lower to show a 0.5% increase instead of the previously reported 0.7%. Excluding gasoline stations, retail sales increased by 0.2%. Online retail sales remained flat.
Petrol, diesel sales fall in Aug as rains ebb demand
India's petrol and diesel consumption fell in the first half of August from the previous month and a year ago, as monsoon rains hit mobility and slowed industrial activity, preliminary data of state-owned firms showed on Wednesday. This is the second month in a row that fuel sales have fallen. The four months of monsoon generally see muted consumption.
UAE petrol, diesel prices for August 2023 raised to highest in 3 months
The UAE fuel price committee announced a hike in petrol and diesel prices for August 2023. Super 98 petrol will now cost 3.14 dirhams per litre, highest in 3 months. Diesel will now cost 2.95 dirhams per litre. The UAE government had deregulated petrol prices in 2015 to support the national economy.
The harsh truth: We're using more oil than ever
Expressed in barrels a day, the fresh record high in global oil consumption totals about 102.5 million, likely hit in the last few weeks in July and above the 102.3 million of August 2019. We use enough crude to fill about 6,500 Olympic-size swimming pools every day. More than a third of those swimming pools would be needed to quench the thirst of two countries: the US and China.
India's gasoline demand likely to recover from late August: HPCL executive
The local sale of diesel by private refiners is also denting sales by state-run companies, the official said. The official did not wish to be named as he was not authorised to speak to media.
Record sales of transport fuels in India point to strong demand
The strong sales came after the Indian economy beat expectations to expand by 6.1% in the quarter through March, although growth is expected to slow through the rest of this year. The uptick in buying will also be a fillip for India’s state-run fuel retailers, who have kept diesel and gasoline prices unchanged since April last year.
Oil prices edge higher as Saudi cut outweighs bearish backdrop
Brent crude futures were up 31 cents, or 0.4%, at $76.60 a barrel at 1338 GMT, while U.S. West Texas Intermediate crude futures gained 40 cents, or 0.6%, to $72.14.
Oil prices rise on outlook for higher gasoline demand, tighter supply
Oil prices increased due to the anticipation of seasonal gasoline demand and production cuts by OPEC+ producers. Brent crude futures rose 0.3% to $76.19 a barrel, while U.S. West Texas Intermediate (WTI) crude stood at $72.26 a barrel, up 0.3%. The U.S. Department of Energy's decision last week to purchase 3 million barrels of crude oil to refill the Strategic Petroleum Reserve (SPR) in August also supported the market. However, concerns over the U.S. debt ceiling talks and a potential increase in U.S. interest rates limited gains, making investors focus on negotiations to raise the debt limit of the U.S.
Maruti to lead Suzuki's gasoline drive in India, LatAm and Asean
Maruti Suzuki will take the lead in developing cleaner, gasoline-fueled vehicles for India, Latin America, and Asean regions, while parent company Suzuki Motor Corporation and partner Toyota will focus on hybrid and electric vehicles. Maruti will develop ICE projects internally to make gasoline vehicles cleaner, according to CTO CV Raman. Maruti is working on technologies including higher ethanol blends, flex fuel, and compressed biogas to lower emissions and fuel consumption.
India state retailers gasoil, gasoline sales rose in April m/m-
Indian state fuel retailers' gasoline and gasoil sales rose in April from the previous month, preliminary sales data showed, indicating a pick up in economic activity.
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