The 4-week moving average of gasoline supplied to the U.S. market now down less than 20% compared to 2019.
There is more good news on the state of economic activity as data from the U.S. Energy Information Administration (EIA) showed gasoline consumption up as the economy continues to open. For the week ending June 19 gasoline consumption was up 9.4% compared to the previous week. During previous week ending June 12, gasoline consumption had showed a small 0.4% decline. Gasoline consumption has increased nine of the last 11 weeks.
Weekly gasoline consumption had declined substantially starting with the 8.9% decline