Drivers around the world are tolerating record-high prices for road fuels, as mobility wins out for now over other spending in squeezed household budgets, data shows
TomTom data showed U.S. drivers in New York and Los Angeles were holding back on journeys compared with 2019. But Patrick DeHaan, analyst at GasBuddy.com, which U.S. tracks retail fuel prices, said he saw no demand destruction yet.
Independent analyst Paul Sankey estimated that the point at which U.S. gasoline demand declines is $6/gallon based on consumer behavior in 2008, when crude oil prices last hit a major peak. Chinese retail gasoline and diesel prices are currently at record highs. Strict lockdown measures in major metropolitan areas to contain the spread of the coronavirus in recent months have dented oil demand significantly.The recovery in gasoline demand is still slow because the pandemic has not been fully contained and many consumers are still cautious, an official at Japan’s industry ministry said on Tuesday, adding that demand has not been dampened thanks to the subsidies.
Fuel consumption, however, jumped 23.8% in May from a year earlier at 18.27 million tonnes, based on Indian government data.Analysts say that crude oil prices still have a long way to go before meaningful demand destruction kicks in to balance the market.
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