I often wonder what effect relative humidity has on fuel consumption. Is a dry, low humidity day better than a damp, humid day?
Humid and warm are better conditions for optimum mpg (more so warm). Humid air is less dense than dry air, and warm air is less dense than cold air at any given pressure. As air warms up, it expands, making it less dense in an open system (the atmosphere), or a higher pressure in a closed system (like the engine's cylinders). Moist air is less dense than dry air at any given temperature or pressure because water has a lower molecular weight than either Oxygen or Nitrogen. At 25C, 100% saturated air is about 1% less dense than dry air.
Overall, 100% saturated air at 25C is approx 9% less dense than 100% saturated air at 0C (not that 0C air can hold much water), but the moisture rather than the temp only contributes about 1/10 of that 9%.
So in the summer, with 9% less dense air, that's a hell of a lot less drag on the car as it pushes through the air. Also, being maybe 25C warmer in the summer than in the worst of winter, warm-up time from a cold start could be reduced by as much as 3 miles - on a 12 mile journey like my commute, that's the difference between 4 miles of the journey running optimally and 7 miles of the journey running optimally.
Humidity has a positive effect, but only just - maybe 1%
The air being less dense has no effect on the engine's oxygen requirements for efficient combustion, air is drawn into the engine greatly in excess.