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U.S. Oil Demand in Oct. Down Less Than Expected

October oil demand down 4.07 pct from year ago: EIA

Mon Dec 29, 2008 11:25am EST

 

WASHINGTON (Reuters) - U.S. oil demand in October was 598,000 barrels per day more than previously estimated and down 833,000 bpd from a year earlier, the Energy Information Administration said on Monday.

U.S. oil demand in October was revised up by 3.14 percent from the EIA’s early estimate of 19.045 million bpd to the agency’s final demand number of 19.643 million bpd, and was 4.07 percent less than demand of 20.476 million bpd a year earlier.

The final numbers, in the EIA’s monthly petroleum supply report, always differ from initial estimates in the weekly petroleum report.

The monthly report reflects information on petroleum products supplied from all U.S. energy companies, while the weekly report surveys the biggest companies that represent about 90 percent of the market.

Gasoline demand for October was revised down by 19,000 bpd, or 0.21 percent, to 8.986 million bpd, the lowest level for the month since 2002 and down 250,000 bpd from a year earlier.

U.S. highway travel in October fell 9 billion miles, or 3.5 percent, from a year earlier, despite falling gasoline prices, according to the Transportation Department. It was the largest October decline in highway miles driven since 1971.

Demand for distillate fuel was raised by 169,000 bpd, or 4.22 percent, to 4.173 million bpd, the weakest October level since 2005, the EIA said.

Final jet fuel consumption was revised up by 1.96 percent, or 27,000 bpd, to 1.403 million bpd, but was still the smallest October demand since 1993.

Residual fuel use was revised up by 155,000 bpd, or 35.47 percent, to 592,000 bpd, the lowest level for any October recorded in the EIA’s database, <http://tonto.eia.doe.gov/dnav/pet/hist/mreupus2m.htm>, which dates back to 1936.

This entry was posted on Tuesday, December 30th, 2008 at 11:28 pm and is filed under United States, oil demand. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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2 responses so far ↓

  • 1 Karol // Dec 31, 2008 at 11:30 pm

    Oh Boy!

    If this is just a report of oil in October. Where can December’s numbers be?

    Even less down or up?

  • 2 Karol // Jan 1, 2009 at 10:38 pm

    Does anyone recall the gas price war? I’m trying to recall when it happened. It seems to me that at that time there was a glut in oil and stations were lowering prices. Are we seeing that now or in the near future?

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