Memorial Day weekend, the typical start of the summer driving season in the United States, will offer some clues about gasoline demand and driving behavior after lockdowns were eased across America. U.S. gasoline demand – which averaged 9.28 million barrels per day (bpd) or nearly 10 percent of daily global oil demand in 2019 – during the Memorial Day holiday weekend will serve as a gauge for the travel behavior after the great COVID-19 lockdown was eased with all 50 states re-opening at least to some extent. U.S. gasoline demand has recovered from the lows seen at the end of March and early April. However, it is still around 30 percent below ‘normal’ levels, especially for this time of the year at the unofficial start of the summer driving season. The oil market and analysts will be watching if the initial pent-up demand in the first two weeks of […]