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.
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.
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.
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