‘You have to go back to 1996 to find a lower July average’. July U.S. gasoline demand readings are extremely poor. That’s according to a new report from Standard Chartered, sent to Rigzone on July 21, in which Standard Chartered analysts noted that the July to date average of U.S. gasoline demand was 8.29 million barrels per day – a figure they highlighted is even lower than the “pandemic-constrained” July 2020 average and 10.9 percent lower year on year. “You have to go back to 1996 to find a lower July average,” the analysts stated in the report. “The average should improve in the remaining part of the month, particularly as the regular gasoline retail price has already fallen $0.495/gal from its mid-June peak, but a severe fall in year on year demand is likely to remain,” the analysts added. In the report, the analysts noted that U.S. oil […]