Wednesday January 12, 6:57 pm Eastern Time
U.S. Dec petroleum demand highest since 1978-EIA
WASHINGTON, Jan 12 (Reuters) - U.S. demand for petroleum products in December reached 19.8 million barrels per day (bpd), the highest level for the month since 1978, the U.S. Energy Information Administration said on Wednesday.
Consumption of gasoline was at a record high and distillate use was the highest in 10 years, occurring as service stations and home heating oil sellers stockpiled more petroleum products in anticipation of extra purchases by consumers fearful of supply interruptions caused by Year 2000 computer problems.
Based on preliminary EIA estimates, demand for gasoline in in December was 8.6 million bpd, a record high for the month. Gasoline production was 8.3 million bpd, 100,000 bpd below last December's record high.
End-of-the month gasoline stocks stood at 152 million barrels, the lowest December level since 1981.
Demand for distillate fuel oil, which includes home heating oil, averaged 3.9 million bpd, the highest level for December since 1989. Distillate production averaged 3.4 million bpd during the month.
Distillate stocks totaled 120 million barrels at the end of last month, the lowest December level in 10 years.
Jet fuel demand averaged 1.7 million bpd last month, while production was 1.6 million bpd. Jet fuel stocks of 41 million barrels were 3.7 million less than a year ago.
Demand for residual fuel oil averaged 801,000 bpd last month. Residual stocks at the end of the month were 35 million barrels, down 9.8 million barrels from last December.
Overall U.S. crude oil production in December was just 6.1 million bpd. Crude imports last month averaged 8.1 million bpd.
End-of-month crude stocks, excluding what was held in the Strategic Petroleum Reserve, stood at 291 million barrels, the lowest December level in three years.
(Washington Energy Desk, 202-898-8320). |
