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

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.

Before it's here, it's on the Bloomberg Terminal.