Domestic petroleum demand hits 17-year November low, API says

US petroleum demand remained weak in November, averaging 18.5 million b/d and reaching the lowest level for the month in 17 years, the American Petroleum Institute reported.

Deliveries, which API uses to measure demand, were down 3.3% from November 2011 and 0.2% lower than in October, it said in its latest monthly statistical review.

Gasoline demand, which averaged 8.5 million b/d, modestly fell 0.3% year-to-year, according to API. Distillate fuel oil demand dropped by a bigger percentage—6.3%—to 3.8 million b/d, it said.

“The economy has shown modest improvement—in employment, for example – but the fundamentals of fuel demand fail to indicate a strengthening recovery is imminent,” API Chief Economist John C. Felmy said.

“Look at the weakness in distillate deliveries, including ultra-low sulfur diesel fuel, which is critical to shipping just about everything in our economy,” he continued. “It was down 4.5% from November last year.”

Crude oil and condensate production, meanwhile, climbed 13.3% year-to-year to nearly 6.8 million b/d, API said. Production of natural gas liquids, an increasingly important element of US oil and gas production because of their role as a manufacturing feedstock, rose 1.5% from November 2012 to 2.4 million b/d, it indicated.

Contact Nick Snow at nicks@pennwell.com.

Related Articles

Judge bars Anadarko e-mails as evidence in Macondo blowout hearing

03/21/2014 A federal district judge in New Orleans refused to accept e-mails between Anadarko Petroleum Corp. and BP PLC as evidence in a hearing to determine...

Industry group welcomes most UK budget moves

03/21/2014 Oil & Gas UK voiced support for all but one of several measures affecting the offshore producing industry announced in the UK government’s annu...

MARKET WATCH: Crude oil, gas futures prices slide entering spring

03/21/2014

The first day of spring in the northern hemisphere was marked by lower crude oil and natural gas futures prices.

OMV acquires West of Shetland licenses from Hess

03/21/2014 OMV AG has reached an agreement with Hess Corp. to acquire four licenses in West of Shetland, UK, including Cambo field and the Blackrock prospect,...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected