U.S. Consumer Oil Demand Has Exceeded Expectations

Standard Chartered predicts that U.S. demand for jet fuel and gasoline will continue to surpass expectations from earlier this year, while demand from the industrial sector remains weaker than anticipated, indicating a pattern that is likely to persist in the coming months.

oilprice.com

Relevant topic timeline:

9/6/2023

Airlines warn about spike in fuel costs, Southwest narrows revenue outlook

Major U.S. airlines are facing a spike in jet fuel prices, which could impact their costs during the busy summer travel season and raise concerns about the ability to pass on the increase to customers.

9/8/2023

Oil Prices Hold Near $90 Despite Mixed Supply News

The US continues to see draws in crude inventories, tightening markets, despite Saudi Arabia and Russia's extension of production and export cuts, as well as other energy news such as the cancellation of Alaskan drilling, Kurdistan's demand for funds, and the spike in jet fuel costs.

9/13/2023

Surging Gas Prices Drive Largest Consumer Price Increase in 14 Months

U.S. consumer prices are expected to have increased the most in 14 months in August due to rising gasoline costs, while underlying inflation is forecasted to remain moderate, potentially prompting the Federal Reserve to keep interest rates steady.

9/14/2023

Retail Sales Rise on Higher Gas Prices But Underlying Spending Slows as Inflation Persists

U.S. retail sales rose more than expected in August due to higher gasoline prices, but underlying spending on goods slowed as Americans faced increased inflation and borrowing costs, while the trend in underlying spending on goods was not as robust as initially thought in July. Despite this, overall consumer spending is expected to remain strong, driven by spending on services.

9/20/2023

Gas Prices Reach 11-Month High Due to Oil Supply Cuts and Seasonal Factors, But Falling Demand Could Provide Relief

Gas prices in the US have reached their highest level in 11 months, posing challenges for the Federal Reserve in its campaign to control inflation. Factors contributing to the increase include rising oil prices, production cuts by Saudi Arabia and Russia, reduced refinery production due to hot weather, and low reserves in the Strategic Petroleum Reserve. However, prices are expected to decrease with the switch to a cheaper gasoline blend in the fall and projected global economic slowdown in 2024.

9/20/2023

Boeing Forecasts Surge in Jet Demand, Driven by China's Expanding Air Travel Market

Boeing predicts a surge in jet demand, particularly from China, indicating a positive outlook for the company.