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Artemis Investment Limited – Gas prices: 'Demand destruction' has already started
Gasoline prices at all-time highs in the US and may be starting to put a dent on demand at the pump.
The US Energy Information Administration (EIA) has been tracking a slight dip in gasoline demand when compared to 2021.
"According to the EIA, gasoline demand over the last 4 weeks is about 2.0% less than this time last year. As prices continue to rise, I expect that the demand will continue to fall off compared to 2021," Andy Lipow of Lipow Oil Associates commented.
The higher prices at the pump corollate with higher costs for crude oil. The problem is exacerbated by limited refineries in the U.S.
West Texas Intermediate (CL=F) crude futures were trading above $122 per barrel on Wednesday. Brent (BZ=F) was trading above $123 per barrel.
High energy prices are also impacting the cost of virtually every good, including food. More money spent on gas and food is leaving the average consumers with less money for more discretionary items.
About Artemis Investment Limited:
Originally established to assist expatriates access financial services in SE Asia, Artemis Investment Limited is a leading independent, boutique financial advisory firm which now caters to a global client base.
Based in Hong Kong for the last 60 years, we have adapted our services to account for the financial world in the 21st Century. We are a borderless company whose staff come from a variety of backgrounds but are united by one attribute, customer focus and objectives above all else.
We understand that many clients know where they want to be, but may not have the knowledge on how to get there. This is where our specialist expertise within the financial services sector is essential in providing the correct timing, opportunity and ultimately, the correct result to establish a lengthy and equitable relationship. This is something that our 20,000 + clients have learnt first-hand.
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