US oil demand hits 17 year low for November

US petroleum demand remained weak in November, averaging 18.5 million b/d and reaching the lowest level for the month in 17 years, the American Petroleum Institute reported.

Deliveries, which API uses to measure demand, were down 3.3% from November 2011 and 0.2% lower than in October, it said in its latest monthly statistical review.

Gasoline demand, which averaged 8.5 million b/d, modestly fell 0.3% year-to-year, according to API. Distillate fuel oil demand dropped by a bigger percentage—6.3%—to 3.8 million b/d, it said.

“The economy has shown modest improvement—in employment, for example – but the fundamentals of fuel demand fail to indicate a strengthening recovery is imminent,” API Chief Economist John C. Felmy said.

Oil & Gas Journal

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