The latest EIA weekly petroleum status report for the week to April 5 showed a drop in gasoline and distillates implied demand although jet demand increase once again.

• Gasoline implied demand fell 7% on a weekly basis despite an expected increase in demand as people travelled to view the solar eclipse according to Bloomberg. The four week average implied demand fell about 100kbpd to reverse gains seen the previous week and back below 2023 levels. The average however remains slightly above the previous five year seasonal average.
• Four week average distillates implied demand fell further below the previous five year range to the lowest since the week to Jan. 19. Demand is now 9.4% below the normal for the time of year.
• Jet fuel demand rose to the highest since the end of December with the four week average 11.2% above the five year average and above levels seen this time last year.

Source: EIA / MNI