According to the U.S. Oil Price Network, European oil demand, especially road fuel consumption Gasoline Consumption In EU, has rebounded strongly in the past few weeks as Europeans began to take vacations at the end of summer after a year-and-a-half-year restrictions and blockades.
Gasoline Consumption In EU : Bloomberg estimates that although the volume of air transportation in Europe is still 30% lower than before the epidemic, the demand for road fuel has increased this summer. Before the summer, Europe was the main drag on global oil demand, and road traffic remained low.
Essence Huamai, an energy consulting company, estimates that Europe’s gasoline demand in August has reached its highest level in a decade. Heidi Grady, executive director of Essson Huamai, said that “August this year is the highest level of diesel consumption in the same period since 2011”.
This summer, rising gasoline demand pushed European oil demand back, while fuel demand in Asia began to decline due to the resurgence of the epidemic in Japan and some Southeast Asian countries.
According to Insights Global, an oil industry consulting firm, gasoline inventories at the Amsterdam-Rotterdam-Antwerp (ARA) hub fell to its lowest level since mid-August due to strong demand for road fuel and Gasoline Consumption In EU.
Traders said that rising demand for fuel has led to an increase in demand for light and low-sulfur crude oil from European refineries. Europe’s fuel demand this summer is the same as or even higher during the 2019 holiday.