October petroleum demand

Total US petroleum deliveries were down 2.3% from October 2011 but were up 1.3% compared to September. October 2012 demand is the lowest it has been in any October since 1995.

Demand for gasoline, distillate and residual fuel also declined in comparison to October 2011. Jet fuel demand was up 1.9% from October 2011. Year to date gasoline deliveries reached their lowest levels since 2001.

Comments

‘For many months, we’ve seen variations on the same theme: weak demand versus a year ago and some of the weaker demand numbers over the past decade,’ said API chief economist John Felmy. ‘The simple fact is that unemployment remains high and economic growth has been extremely modest. Petroleum demand is reflecting that.’

Compared to September 2012 inputs to crude distillation units rose by 0.7% and by 0.3% compared to October 2011. This increase resulted in inputs being the highest October level in five years. Refinery utilisation also held steady in October and was up 2% on last year.

Adapted from press pelease by Claira Lloyd.

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