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Oil Use Fell to Lowest June Level in 16 Years, API Says

July 18 (Bloomberg) -- U.S. petroleum use fell in June to the lowest level for the month in 16 years as domestic production climbed, the American Petroleum Institute said.

Total petroleum deliveries, a measure of demand, dropped 1 percent from a year earlier to 18.7 million barrels a day, the least for the month since 1997, the API said today in a report. Production jumped 15 percent to 7.22 million barrels a day, the highest June output since 1991.

“The latest data continues to reflect the uncertainty visible in the broader economy,” John Felmy, chief economist at the API, said in a statement.

Gasoline deliveries slid 1.9 percent from a year earlier to 8.87 million barrels a day, the lowest level for June since 2001, the API said. Demand for distillate fuels including diesel increased 5.5 percent to 3.94 million barrels a day.

Jet fuel use decreased 4.8 percent to 1.47 million barrels a day. Demand for all other oils, a category that includes liquefied petroleum gas, fell 0.9 percent to 4.17 million.

Oil production rose 16 percent in the lower 48 states to 6.71 million barrels a day and increased 3.2 percent to 509,000 in Alaska.

For the second quarter, gasoline demand dropped 2 percent to 8.78 million barrels a day. Total petroleum consumption was 18.6 million barrels a day, down 0.3 percent from a year earlier.

To contact the reporter on this story: Moming Zhou in New York at mzhou29@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.

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