Oil Tracker: US Gasoline Market Tightening

The report highlights a tightening US gasoline market with inventories 5% below median and a 95% drop in Strait of Hormuz oil flows. Despite regional supply hits, the IEA estimates a global April deficit of 5.3mb/d, suggesting a slightly less severe global imbalance than previously feared.

Key Takeaways

• 1.The US gasoline market has reached extreme tightness, with inventories 5% below historical seasonal medians and prices nearing all-time highs.
• 2.Oil flows through the Strait of Hormuz have collapsed by approximately 95% due to ongoing regional conflict.
• 3.The IEA estimates an April deficit of 5.3mb/d, which is lower than Goldman Sachs' previous estimates, partly due to demand downgrades.

Table of Contents

• Persian Gulf Exports
• Inventories
• Refining
• Energy Prices
• Demand

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