Revised July oil demand lowest in 11 years: EIA
Fri Oct 3, 2008 1:19pm EDT By Tom Doggett
WASHINGTON (Reuters) - U.S. oil demand in July fell to the lowest level for the month in 11 years, with consumption 736,000 barrels per day less than previously estimated and down 1.335 million bpd from a year earlier, according to the U.S. Energy Information Administration.
Crude oil and gasoline prices hit record highs in July, and U.S. motorists reduced driving for the ninth month in a row.
Based on final numbers released this week, U.S. oil demand in July was revised down 3.7 percent from the EIA's early estimate of 20.148 million bpd to the agency's final demand figure of 19.412 million bpd, down 6.4 percent from 20.747 million bpd a year earlier.
The final numbers, in the EIA's monthly petroleum supply report, always differ from initial estimates in the weekly report.
The monthly report reflects information on petroleum products supplied from all U.S. energy companies, while the weekly report surveys the biggest companies which represent about 90 percent of the market.
Gasoline demand for July was revised down by 331,000 bpd, or 3.5 percent, to 9.072 million bpd, the lowest level for the month since 2001 and down 568,000 bpd from a year earlier.
U.S. highway travel fell by 3.6 percent, or nearly 10 billion miles in July compared to the same period last year, according to a separate report this week from the Transportation Department.
The decline was less than the drop of 5 percent, or 12.2 billion miles, reported for June.
Demand for distillate fuel was lowered by 479,000 bpd, or 11.5 percent, to 3.672 million bpd, also the weakest July level since 2001, the EIA said.
Final jet fuel consumption was revised down by a slight 1 percent, or 16,000 bpd, to 1.541 million bpd, the smallest July demand in 13 years.
Residual fuel use was actually increased 78,000 bpd, or 12.8 percent, to 687,000 bpd, the highest level for the month in three years, the agency said.
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