US oil demand dropped 2.3% from October a year ago
and was the lowest for any October since 1995,
according to monthly figures from the American Petroleum
Institute (API) trade group released on Friday.
October deliveries of 18.4 million bpd were, however,
higher by 1.3% from September. Petroleum demand year to
date is down 2.1% from a year ago.
For many months, weve 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
Gasoline, distillate and residual fuel demand also declined in
October versus a year ago, with gasoline demand falling
slightly by 0.2%, the API said.
In contrast, jet fuel demand was up 1.9% year on year.
Year-to-date gasoline deliveries reached their lowest level
since 2001. However, gasoline demand for October was up against
the previous month by 0.6% to 8.6 million bpd, still
representing the lowest October level since 2000.
Inputs to crude distillation units rose slightly by
0.7% from September and by 0.3% from October 2011 to
nearly 15.1 million bpd, the highest October level in five
Production of all four major products gasoline,
distillates, jet fuel, and residual fuels was greater
than demand for those products, so exports of refined petroleum
products increased by 1.1% in October, the API said.
From January through October 2012, refined product imports
stayed below export levels. Crude oil imports fell by 4.5% to
average just over 8.5 million bpd in October.
In October, refinery utilization held steady
from the preceding month at 86.9%, but was up 2.0 percentage
points from last year. Refinery operable capacity was
17.362 million bpd in October, up slightly from September
Crude oil production continued to grow, up 13.3% from
October one year ago, to average 6.65 million bpd, the highest
October level since 1994. It also was up from the prior month
and prior year to date.
North Dakota crude oil production, second only to Texas, was
above 700,000 bpd for the third consecutive month and nearly
50% higher than in October 2011.
Crude oil stocks were up 9.8% from October a year ago and up
2.1% from September 2012 to end at 371.7 million bbl. Stocks of
all major products were down from last years
Gasoline stocks were down 2.9% in October from a year ago but
up 0.9% from the month before.