API: October Petroleum Demand Lowest for the Month Since 1995

Gasoline, distillate and residual fuel demand also declined in October versus a year ago, with gasoline demand falling slightly by 0.2%. In contrast, jet fuel demand was up 1.9% from October 2011. Year-to-date gasoline deliveries reached their lowest level since 2001. However, gasoline demand for October was up against the previous month by 0.6% to 8.6 million barrels per day (yet still the lowest October level since 2000).

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.