API: Slide in petroleum product demand continues

For the third consecutive month, US deliveries of major petroleum products declined in October.The American Petroleum Institute reported last week that deliveries-a key measure of consumer demand-declined by 1.7% compared to a year ago.The biggest decline was in residual fuel oil, used in heavy industry, which dropped to 25% below deliveries of last year.Kerosine jet fuel deliveries, at 12% below year-ago levels, marked the first double-digit decline in more than 10 years. While jet fuel demand had been declining in the late summer, API said the Sept. 11 terrorist attacks caused a substantial drop in October of 1.565 million b/d.Gasoline deliveries, however, at 8.673 million b/d were up 3...

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