01 November 2012 19:13 [Source: ICIS news]
HOUSTON (ICIS)--US distillate demand will remain low through 2012 but will increase by 3.7% in 2013, a Marathon Petroleum executive said on Thursday.
Marathon estimated that US gasoline demand was down about 0.3% and distillate demand was down by 3% in the third quarter of 2012 compared with the previous year.
“We expect US gasoline demand to remain soft through the remainder of 2012 and expect total year 2012 demand to be down approximately 0.2%. Full year distillate demand is expected to decline about 1.9% in 2012,” said Gary Heminger, CEO of Marathon Petroleum.
For 2013, Heminger said US gasoline demand will be flat and distillate demand will be up about 3.7%.
“In addition, we expect export opportunities to remain attractive in 2013,” he said during the company's third quarter earnings conference call.
The 2013 growth in demand will offset a 2012 loss of nearly 2-2.5%, according to Garry Peiffer, Marathon Petroleum’s executive vice president of corporate planning and investor and government relations.
“So when you combine the negative effect this year with the positive net effect next year, it’s a fairly small gain overall,” Peiffer said.
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