Robust Gasoline Consumption Fuels Record-High U.S. Oil Demand

U.S. oil demand continues its upward trajectory—reaching a record high last week--while product inventories have fallen to the lowest levels in three years. If the demand trend holds, oil prices have room to rise even more in the rest of the year, some analysts say.  Despite the fact that Hurricane Ida’s impact on the petroleum sector distorted data in this week’s inventory report by the U.S. Energy Information Administration, product supplied—EIA’s proxy for demand—continued to pick up pace.  …