U.S. Oil Demand Increased in September, API Says
U.S. petroleum demand rose in September from a year earlier as the economy grew, the American Petroleum Institute said.
Total petroleum deliveries, a measure of demand, gained 2.7 percent to 18.6 million barrels a day, the API said in a report. Third-quarter demand was 1.7 percent higher than 2012, the industry-funded group said. U.S. manufacturing picked up last month, according to the Institute for Supply Management.
“Demand for petroleum products remains consistent with a gradually improving economy,” John Felmy, chief economist at the API, said in a statement.
Gasoline deliveries increased 2.1 percent from a year earlier to 8.74 million barrels a day, the API said. Demand for distillate fuels rose 3.8 percent to 3.82 million.
Jet fuel use gained 1.5 percent from a year earlier to 1.4 million barrels a day. Demand for all other oils, a category that includes liquefied petroleum gas, climbed 5.8 percent to 4.42 million barrels a day.
September’s crude production jumped 19 percent to 7.78 million barrels a day, the highest level for the month in 25 years. Output in the lower 48 states gained 16 percent to 7.24 million and Alaska rose 6.6 percent to 535,000.
For the third quarter, total oil consumption was 18.9 million barrels a day and gasoline demand was 8.95 million.
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