After a period when demoralized Americans finally reduced their consumption of oil and drove less, it appears we could have a rebound. June highway traffic was up 2% YoY, a big change (for highway miles) from down 0.2% in May.
While bulls may call this an obvious greenshoot, bears will point to the dreaded “staycation” as a cause.
“Jet fuel demand has been very weak and that may mean more people took to the road,” he said. Jet fuel demand dropped 15 per cent during June from a year earlier, according to preliminary data from the Energy Department.
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