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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Tomas who wrote (54749)	11/15/1999 9:54:00 AM
From: BDR	Respond to of 95453

US Oct petroleum demand at record 19.8 mln bpd-EIA WASHINGTON, Reuters [WN] via NewsEdge Corporation : U.S. demand for petroleum products reached 19.8 million barrels per day (bpd) in October, a record for the month and the second highest for any month this decade, the U.S. Energy Information Administration said on Friday. The petroleum consumption levels reflect the strong U.S. economy that is encouraging more travel, which can be seen in record gasoline and jet fuel use in October even though energy prices were higher, according to EIA analyst David Costello. "I would say continued strength in the economy is behind a lot of that (demand), certainly in transportation (fuel) demand," he said. The monthly record for U.S. petroleum demand was 21.3 million bpd set in February 1979, and the highest for this decade was 19.9 million bpd reached this August. The database for the EIA, which is the statistical arm of the Energy Department, tracks U.S. monthly petroleum demand back to 1973. Based on preliminary EIA estimates, demand for gasoline in in October was 8.5 million bpd and gasoline production was 8.2 million bpd, both a record. End-of-the month gasoline stocks stood at 155 million barrels, the lowest October level since 1996. Jet fuel demand also reached a record 1.8 million bpd last month, while production was 1.5 million bpd. Jet fuel stocks of 43 million barrels were slightly below October 1998 levels. Demand for distillate fuel oil, which includes home heating oil, reached a record as well, averaging 3.9 million bpd. "October was a lot colder than last year," said Costello. Distillate production averaged 3.6 million bpd during October, slightly below the record for the month set in 1996. Distillate stocks totaled 136 million barrels at the end of last month, down 11.1 million barrels from last year. Demand for residual fuel oil averaged 763,000 bpd last month, the highest October level in three years, while production was 700,000 bpd. Residual stocks at the end of the month were 41 million barrels, the most since October 1994. Overall U.S. crude oil production in October was just 6.1 million bpd, the lowest level since 1950. Crude imports last month averaged 8.4 million bpd, down 600,000 bpd from the record high for October set two years ago. End-of-month crude stocks, excluding what was held in the Strategic Petroleum Reserve, stood at 305 million barrels, down 25 million barrels from year-ago levels. (-Tom Doggett, Washington Energy Desk, 202-898-8320). REUTERS