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U.S. Oil Demand Lowest for October Since 1995, API Says

U.S. oil demand fell in October from a year earlier as economic growth remained weak, the American Petroleum Institute said.

Total petroleum deliveries, a measure of demand, dropped 2.3 percent from a year earlier to 18.4 million barrels a day, the lowest October level since 1995, the industry-funded group said in a monthly report today. Demand increased 1.3 percent from September, according to the API estimate.

Gasoline deliveries were 8.63 million barrels a day, down 0.2 percent from a year earlier and up 0.6 percent from September, the API said.

Use of distillate fuel, a category that includes heating oil and diesel, slid 6.1 percent from a year earlier to 3.76 million barrels a day. Demand for ultra-low-sulfur diesel, the type used by the trucking industry, fell 3.2 percent to 3.51 million.

“Unemployment remains high and economic growth has been extremely modest,” John Felmy, chief economist at the API, said in the report. “Petroleum demand is reflecting that.”

Jet fuel consumption increased 1.9 percent from a year earlier to 1.41 million barrels a day.

Crude-oil production jumped 13 percent from a year earlier to 6.65 million barrels a day. Output in the lower 48 states rose 14 percent to 6.07 million. Alaskan production gained 2.7 percent to 581,000.

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