Strictly: Drilling II Message Board

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Strategies & Market Trends : Strictly: Drilling II

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To: Frank Pembleton who started this subject	3/1/2002 9:06:02 AM
From: Frank Pembleton	Read Replies (1) of 36161

EIA Revises Down US December Oil Demand by 800,000 BPD WASHINGTON, Feb 28 (Reuters) - The Energy Information Administration revised sharply downward on Thursday its earlier estimate of U.S. petroleum demand for December. Final EIA numbers show the U.S. market consumed an average 19.1 million barrels of petroleum a day in December, about 800,000 barrels, or 4 percent, less than the 19.9 million barrels per day (bpd) the agency had initially estimated. The much steeper drop in December oil demand projections from the Energy Department's statistical agency coincided with a warmer winter and a weaker U.S. economy. The final EIA numbers also show that December oil demand was down 1.7 million bpd, or 8.2 percent, from the December record of 20.8 million bpd a year earlier. Higher natural gas prices a year earlier, which encouraged utilities to switch to petroleum to fuel their power plants, and much colder weather led to December 2000's record oil demand. (C) Reuters Limited 2002. us.f123.mail.yahoo.com

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