API: October Petroleum Demand Lowest for the Month Since 1995
Total U.S. petroleum deliveries (a measure of demand) were down 2.3% from October a year ago but increased 1.3% from this past September to 18.4 million barrels per day.
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Inputs to crude distillation units rose slightly by 0.7% from the prior month and by 0.3% from October 2011 to nearly 15.1 million barrels per day, the highest October level in five years.
Production of all four major products – gasoline, distillates, jet fuel, and residual fuels – was greater than demand for those products, so exports of refined petroleum products increased by 1.1% in October. From January through October 2012, refined product imports stayed below export levels. Crude oil imports fell by 4.5% to average just over 8.5 million barrels per day in October.
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