U.S. crude oil was on pace Friday for a second weekly gain in a row, as gasoline demand has surged to post-pandemic highs.
Oil prices traded flat Friday morning but are ahead more than 3.6% for the week.
Gasoline consumption in the U.S. surged to 9.4 million barrels per day, or bpd, last week, the highest level for that time of year since the Covid-19 pandemic ended, according to JPMorgan.
"Gasoline demand in the US has been on a steady rise since the Memorial Day weekend and we expect a further advance as record 71 million Americans are expected to travel during the upcoming July 4th holiday," JPMorgan analyst Prateek Kedia told clients in a research note.
Here are today's energy prices:Patrick De Haan, head of petroleum analysis at GasBuddy, said prices at the pump could rise after U.S. oil, gasoline, and distillate stocks all fell for the first time in weeks, indicating stronger demand.
Persons:
Prateek Kedia, Patrick De Haan
Organizations:
JPMorgan
Locations:
U.S