US petroleum October demand down year on year – API

16 November 2012 19:03  [Source: ICIS news]

HOUSTON (ICIS)--US October petroleum deliveries dropped year on year, but were up from September’s deliveries, the American Petroleum Institute (API) said on Friday.

Petroleum deliveries, a measure of demand, were 2.3% lower at 18.4m bbl/day in October from the 2011 number. However, October deliveries increased by 1.3% from September’s deliveries, according to the API said in its Monthly Statistical Report.

Demand for October 2012 was the lowest for any October since 1995. 

“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.”

Furthermore, the report showed that gasoline, distillate and residual fuel demand also declined in October versus a year ago.

Total motor gasoline deliveries were at approximately 8.6m bbl/day, which is the lowest October level since 2000, and the fourth lowest demand this year, API said.

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By: Anna Matherne

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