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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (9969)	2/20/2010 12:17:00 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 24231

UPDATE 1-U.S. January oil demand down 3.8 pct vs yr ago-API Fri Feb 19, 2010 2:29pm GMT By Ayesha Rascoe WASHINGTON, Feb 19 (Reuters) - U.S. demand for crude oil and petroleum products fell sharply in January as the economy sputtered along the road to recovery, industry group American Petroleum Institute said Friday. January's total petroleum product deliveries, excluding exports, averaged 18.407 million barrels per day, down 3.8 percent from a year ago, according to its report. Deliveries of distillate fuels, which include heating oil and diesel, fell 12.2 percent to 3.578 million bpd. API Chief Economist John Felmy said an 11.5 percent drop in demand for low sulfur distillate fuel, which is used by trucks, is a bad sign for the economy. "Looking at this number, you can see that the economic recovery is still mixed," Felmy stated. Jet fuel demand in January rose 0.2 percent to 1.360 million bpd, but residual fuel use plunged 20.2 percent to 559,000 bpd. Deliveries, which are a good indicator of demand, are calculated by API to reflect petroleum products moved from refineries and bulk storage to wholesale and retail suppliers. API's U.S. crude demand figure for January is less bullish than the Energy Information Administration's preliminary estimate of 18.799 million bpd for the month. EIA is the statistical arm of the U.S. Energy Department. U.S. gasoline demand continued to steadily rise in January, gaining 0.9 percent to 8.770 million bpd. Still, gasoline consumption remained well below the peak of 9.6 million bpd reached in July 2007, API said. On the supply side, U.S. crude oil production rose 6 percent to 5.446 million bpd. Crude oil inventories at the end the January stood at 333.5 million barrels, down 5.5 percent from a year ago. Distillate stocks were about 159.1 million barrels, according to API. Crude oil and petroleum product imports averaged 11.339 million bpd, down 13.9 percent from a year ago. Total imports in January accounted for 61.6 percent of U.S. oil demand, down from 68.9 percent a year earlier. uk.reuters.com