WASHINGTON, Dec 28 U.S. oil demand on October was slightly
weaker than expected, with demand for oil products remaining tepid, the U.S.
government said on Friday.
The Energy Information Administration said in its Petroleum Supply Monthly
report that oil demand for the world's top consumer fell to 18.722 million
barrels per day from last year, down 116,000 bpd from a previous projection.
That downward revision placed oil demand off 122,000 bpd, or 0.65 percent,
from the 18.844 million posted for the same month last year. The EIA had
initially forecast a marginal 0.03 percent decline year-on-year.
The EIA's demand figure for October was higher than the 18.412 million bpd
reported by the American Petroleum Institute for the month. While both the EIA
and API reported a decrease in oil demand, API said demand fell 2.3 percent from
a year ago.
Demand for gasoline posted a small but unexpected increase in October,
climbing 0.59 percent from a year ago to 8.7 million bpd. The EIA had previously
estimated that oil demand would be virtually flat for the month.
Distillate fuel consumption dropped 4.12 percent from last year in October,
while jet fuel consumption fell 3.11 percent.
EIA Monthly Demand Data
Product October For Oct Prev Est Yr Ago Yr Ago Pct
Pct Change Change
Gasoline 8.700 8.602 1.14% 8.649 0.59%
Distillate 3.838 3.66 4.86% 4.003 -4.12%
Jet Fuel 1.341 1.478 -9.27% 1.384 -3.11%
Residual 0.279 0.271 2.95% 0.405 -31.11%
Total 18.722 18.838 -0.62% 18.844 -0.65%
-This chart compares the latest monthly EIA petroleum supply report with the
previous weekly report and final year-ago numbers. The EIA's monthly report
always differs from the weekly report as the monthly reflects data supplied from
all U.S. energy companies, while the weekly report surveys the biggest companies
representing about 90 percent of the market. The total demand number reflects
many petroleum products beyond gasoline, distillate, jet fuel and residual fuel
listed in the table.
U.S. year on year oil demand changes:
Sept 2012 -3.81 pct
Aug 2012 -0.97 pct
July 2012 -0.94 pct
June 2012 -1.76 pct
May 2012 1.23 pct
April 2012 -1.72 pct
March 2012 -5.77 pct
Feb 2012 -0.6 pct
Jan 2012 -3.75 pct
Dec 2011 -4.66 pct