According to statistics released by the Energy Information Administration on Thursday, the amount of distillate fuel oil that was supplied to the United States in December was determined to be 3.61 million barrels per day (bpd), which is a decrease of around 10% from November and the lowest level since June 2020.
Giovanni Staunovo, an analyst at UBS, stated that the demand for distillate fuels like as diesel and heating oil was likely impacted by the mild weather and the lackluster industrial output.
The manufacturing PMI, which is a measure of activity that is regularly monitored, continued its downward trend for the fifteenth consecutive month in January.
Product supplied of distillates, which is the EIA's measure of demand, decreased by 397,000 barrels per day (bpd) in December compared to November. This represents the largest monthly loss since April 2020, according to the data.
In December, there was a decrease in demand for gasoline as well, albeit by a considerably lower amount.
The Petroleum Supply Monthly report from the EIA indicates that the amount of finished motor gasoline that was delivered in December was 8.84 million barrels per day, which is a decrease from the 8.85 million barrels per day that was supplied in November.
According to the data, the overall demand for crude oil and petroleum products was 2% lower in December, coming in at 20.3 million barrels per day.
In December, crude oil production in the United States was 13.315 million barrels per day, which is a tiny decrease from November's record output of 13.319 million barrels per day, as stated in the EIA's monthly 914 production report, which was also released on Thursday.
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