US DOE released April data yesterday, showing a sharp revision to April gasoline demand compared to the preliminary estimates; down 3.7% YoY. or about 300,000 bpd, vs previous estimates of down 0.4%.
That is the lowest demand for gasoline in the month of April since 2002.
Demand for petroleum products in April down -437,000 bpd versus a year ago, or -2.7% and is the lowest demand for a month of April since 1997.
Demand for distillate was revised down to 0.5% below a year ago, at 3.689 million bpd.
Crude throughput averaged 14.302 million bpd, down 818,000 from a year ago, the lowest for April since 1996.
The US Highway Administration had shown that Vehicles-Miles of Travel had dropped by -2.4% in April versus a year ago.
No doubt the downward revisions reflect demand destruction but is it a result of the price surge in early February, bad weather in April, or some other dynamic like consumer confidence declines? April is a little on the early side for the typical lagged response to higher prices, and if that is yet to come down the statistical pipe there may be further surprises in store.
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