Everyone loves a snow day.
And recent snowfalls across North America, it seems, have provided many with an excuse to take one. (That is, to stay at home for the day rather than to go to work or school.)
The stay-at-home trend has been so significant, in fact, that weekly gasoline demand figures as estimated by Mastercard have even begun to bare a snow print.
Note the following chart from Olivier Jakob at Petromatrix showing the drop in demand from reduced car use in the last few weeks:
According to Addison Armstrong, senior director of market research at Tradition Energy, that keeps demand at its lowest level since September 30, 2005 for the second straight week.
The latest four-week demand, meanwhile, averaged 8.9m barrels a day — its lowest since October 24, 2008.
The price of gasoline at the pump, however, goes up regardless.
As Armstrong noted:
Retail price of regular gasoline on a nationwide average increased 1 cent to $3.07 a gallon, the highest since October 17, 2008.
And yes, that’s two references to levels last seen in October, 2008. Not that we’re sure that means anything.
Related links:
US gasoline demand down slightly - Mastercard – Reuters
A whitemare on Britain’s high streets - FT Alphaville
UK airports struggle to ease snow chaos - FT