Gasoline demand falls
1 May, 2017, 12:00 am
US gasoline demand fell 2.4 per cent in February from a year earlier, the second straight monthly decline, according to data released on Friday by the US Energy Information Administration that suggested the market may have trouble repeating last year’s record volumes.
Gasoline demand fell 218,000 barrels per day to 8.988 million bpd in February, according to the EIA’s petroleum supply monthly report.
January demand for gasoline fell 1.9 per cent from last year, EIA data showed.
US refiners have said weather issues cut demand early this year. They still expect gasoline demand will rise modestly from last year’s record levels, executives said in an earnings calls last week.
US total oil demand in February fell 2.5 per cent, or 492,000 bpd from a year ago, to 19.18 million bpd, EIA data showed.The growth in total oil demand was also hurt by weaker February distillate demand, which fell by 1.4 per cent, or 54,000 bpd, to 3.905 million bpd compared with last year, the data showed.