- Oil price moves higher as improving demand is outweighing concern that Iranian supplies will rise, should sanctions on exports be lifted
- WTI is currently trading at its strongest level since October 2018
- Price has been stuck and trading within a $10 band since March
- Brent’s 2nd-month volatility has dropped, falling to its lowest level since August as the market grinds higher
- Gas prices in the US will be the highest in seven years this Memorial Day Weekend (Reuters)
- The nationwide average gas price is about $3.05/gal, the most expensive since 2014 (AAA)
- US gasoline demand has returned to March 2020 levels at about 9.48 MMBbl/d
- AEGIS notes that the recovery in fuel demand has been strong, but the return of jet fuel demand to pre-covid levels will take additional time