Event Wrap: US Gasoline Trends – An atypical summer driving season
A webinar discussing US gasoline market trends and supply & demand.
On 27 August, our US Analyst & Specialist team looked into the trends of the gasoline market in the US, the market reaction to the pandemic, and what recovery we can see coming in the second half of 2020.
Our presenters Conor Stone and Will Holeman answered the following imperative questions:
- The summer driving season so far, where has all the gasoline demand gone?
- Current gasoline trends and flows, what is happening right now?
- Outlook for 2H 2020, is a recovery over the horizon?
See the full webinar with Conor & Will’s analysis on the US gasoline market trends, and watch on demand below.
Key Takeaways from the session
- Covid-related gasoline demand destruction was much larger than the refining systems supply response
- This summer driving season has resulted in PADD 1 imports averaging well below levels observed in prior summers and more in line with winter levels
- Runs were not uniformly cut across the country. Refiners in PADD 1 cut deeper and sooner than those in PADD 3, falling considerably in late February, while refiners in PADD 3 didn’t begin cutting runs in earnest until a full month later in March
- Global floating storage volumes from gasoline increased quite significantly over the beginning of the summer, from approximately 8m bbl in early March to 46 m bbl in early May
- The forward view of refining runs suggests weaker demand through the end of the year