Refinery crude processing rates continue to expand as coronavirus-related lockdowns are eased across the country and fuel demand recovers. The US EIA reports that 18.3MM b/d of petroleum products were supplied to the US market in the week ending June 19, which was a 6 increase from the previous week, as US oil demand is now at 89 of the 2014-2019 average for the week, compared to 69 of the 2014-2019 average for the week during the first week of April. (Note: the Administration's data on volume of product supplied is used as a proxy for fuel being used.) The EIA reported that 8.6K b/d of gasoline was supplied during the week, a 9 week-on-week increase and 90 of the 2014-2019 average. In April, implied demand for gasoline had dipped to as low as 55 of the five-year average. "Distillate fuel oil" (diesel and heating oil) supplied was at 3.5K b/d, which was 90 of the 2014-2019 average for the week although the improvement from 70 was weaker and erratic. The EIA reported that jet fuel supplied (805K b/d) was 45 of the 2014-2019 average for the week ending June 19.
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