Gasoline Demand is Bouncing Back Big Time
Few companies are better at taking the pulse of the U.S. refined products market than Magellan Midstream Partners (NYSE: MMP). The MLP operates nearly 10,000 miles of pipelines that transported an average of 1.4 million barrels of refined products per day last year. Because of that, it has an excellent handle on consumption trends in the country.
The company recently provided an update on what it currently sees in the gasoline market. After experiencing a 25% year-over-year demand decline during the second quarter, the company noted that consumption was trending toward more normal levels as we approach the third quarter. That's a very positive sign for the oil market and Magellan's business.
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Source Fool.com
