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U.S. June oil demand down 1.4 pct from year ago: API
July 18, 2008 / 2:05 PM / 9 years ago

U.S. June oil demand down 1.4 pct from year ago: API

WASHINGTON (Reuters) - U.S. demand for crude oil and petroleum products in June dropped 1.4 percent from a year earlier, with demand during the first half of 2008 experiencing the biggest decline in 17 years due to record fuel prices and a weak economy, the American Petroleum Institute said on Friday.

June’s petroleum product deliveries, excluding exports, averaged 20.446 million barrels per day, down 291,000 bpd from a year ago, the API said in its monthly oil report.

Deliveries, which are a good indicator of demand, are calculated by the API to reflect petroleum products moved from refineries and bulk storage to wholesale and retail suppliers.

Oil demand during the first half of this year fell 3 percent, or 630,000 bpd, the biggest decline in 17 years. U.S. oil consumption averaged 20.079 million bpd during the 6-month period, the lowest level since 2003, the API said.

“Higher pump prices and a slowing economy were undoubtedly factors,” said Ron Planting, API’s statistics manager.

Gasoline demand in June fell by 307,000 bpd, or 3.2 percent, to 9.203 million bpd. For the first half of the year, gasoline use sank 1.7 percent, the biggest 6-month decrease since 1991.

Even though high fuel prices discouraged drivers, U.S. gasoline production was down just 1 percent from a year ago -- still the second highest output ever for any January-June period.

Deliveries of distillate fuel oil -- including heating oil and diesel fuel -- jumped 139,000 bpd, or 3.4 percent, to 4.269 million bpd, the API said.

“Reflecting continued demand for diesel fuel, industry production of that product (at 4.23 million bpd) set new records for the first half,” the API said.

Jet fuel demand soared 2.6 percent to 1.702 million bpd and residual fuel use rose a slight 0.4 percent to 736,000 bpd.

On the supply side, June crude oil imports averaged 10.069 million bpd, up 0.9 percent. Petroleum product imports declined 5.3 percent to 3.33 million bpd, the API said. Due to lower demand, combined oil and product imports during the January-June period were the lowest in five years, the API said.

Total imports in June accounted for 65.5 percent of U.S. oil demand, up from 65.1 percent a year earlier.

The following summarizes key data from the API’s monthly report:

U.S. DELIVERIES, IMPORTS, PRODUCTION

(million bpd)

June May June Year Ago Jan-Jun YTD Pct

2008 2008 2007 Pct Change 2008 Change

DELIVERIES

Gasoline 9.203 9.296 9.510 -3.2 9.058 -1.7

RFG 3.061 3.054 3.023 1.3 3.002 3.1

Kerosene/jet 1.702 1.697 1.659 2.6 1.601 -1.2

Distillate 4.269 4.282 4.130 3.4 4.210 -1.2

Residual 0.736 0.674 0.733 0.4 0.649 -16.2

Other oils 4.599 4.764 4.798 -4.1 4.594 -3.5

Deliveries 20.446 20.614 20.737 -1.4 20.079 -3.0

Exports 1.629 1.642 1.320 23.4 1.754 29.6

Total 22.075 22.256 22.057 0.1 21.833 -1.0

IMPORTS

Crude oil 10.069 9.461 9.983 0.9 9.770 -2.5

Oil products 3.330 3.040 3.518 -5.3 3.188 -9.9

Total 13.399 12.501 13.501 -0.8 12.958 -4.4

PRODUCTION

Crude 5.128 5.131 5.138 -0.2 5.091 -2.2

Gasoline 8.922 9.054 9.233 -3.4 NA NA

Distillate 4.606 4.483 4.051 13.7 NA NA

Kerosene/jet 1.608 1.494 1.459 10.2 NA NA

Residual 0.662 0.751 0.627 5.6 NA NA

Reporting by Tom Doggett; Editing by Andrea Ricci

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