Hear that Sucking Sound? I dont understand the distillate demand. I cant imagine it is being burned in place of NG, so it must be transportation usage causing the increase. Do we now have trucks constantly on the move hiding from the REPO man? Perhaps this will reveal itself to be a leading indicator that the economy is improving.
U.S. June Oil Demand Revised Up by 334,000 bpd
WASHINGTON, Aug 23 (Reuters) - U.S. petroleum demand during June was 334,000 barrels per day (bpd) higher, or 1.7 percent more, than previously thought and averaged 19.608 million bpd, based on data from the Energy Information Administration.
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Cheaper gasoline prices likely helped push oil product demand above the initial forecast, though consumption was still way down from a year ago and reflected a slowing American economy.
The revised figures from the Energy Department's statistical agency, which were released on Wednesday, showed that petroleum consumption in June was down about 500,000 bpd, or off 2.5 percent, from a year earlier.
June's motor gasoline demand was revised up 32,000 bpd from preliminary estimates to 8.722 million bpd.
Distillate fuel consumption reached a record 3.615 million bpd in June, 30,000 bpd higher than previously forecast.
Jet fuel use was revised up 45,000 bpd to 1.754 million bpd, and residual fuel demand was revised up 43,000 bpd to 1.001 million bpd, EIA said. |
