Conflicting EIA Fuel Demand Data Confuses Oil Market Observers

The U.S. Energy Information Administration (EIA) has recently puzzled oil market watchers and participants with a considerable upward revision to America’s oil consumption and implied gasoline demand for May. EIA’s weekly data releases for that month painted a picture of tepid U.S. gasoline demand, which contributed to a decline in international oil prices and added to concerns about demand in the world’s largest oil consumer.  However, the monthly update for May, published with a two-month lag compared to the weekly EIA…