Oil Demand in US Topped Pre-Covid Levels in May and June

The data released Thursday marks the fourth straight upward revision to US consumption in the latest sign that overall oil demand is healthier than previously expected. While revisions are routine, the EIA last summer came under fire from traders for underestimating gasoline demand. This year, weekly figures have suggested consumption would be weaker than is bearing out.

At the same time, some of the uptick in demand may be offset by upward revisions to US oil production, which rose to a pre-pandemic high in June. June output also ticked higher to 12.8 million barrels a day.