EIA Says U.S. Gasoline Exports Rose To 781,000 Barrels/Day In Aug (Vs 757,000 Barrels/Day In July); U.S. Total Oil Demand In Aug Down 0.3 Pct Or 57,000 Barrels/Day Versus Last Year At 20.711M Barrels/Day (Vs 2.2% Rise In July)
Portfolio Pulse from Benzinga Newsdesk
The EIA reported an increase in U.S. gasoline exports to 781,000 barrels per day in August, up from 757,000 barrels per day in July. However, total U.S. oil demand in August decreased by 0.3% compared to the previous year, reaching 20.711 million barrels per day, contrasting with a 2.2% rise in July.
October 31, 2024 | 6:08 pm
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The increase in U.S. gasoline exports could positively impact USO, as it reflects higher demand for U.S. gasoline abroad. However, the decrease in total U.S. oil demand might offset this impact.
USO, which tracks oil prices, could be influenced by the rise in gasoline exports, suggesting stronger international demand. However, the decline in total U.S. oil demand could signal weaker domestic consumption, balancing the potential positive impact.
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