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US Jan oil demand down 5.7 pct yr/yr-API

Monday, 20 February 2012 | 11:00
U.S. crude oil demand plunged in January, dragged down by weak heating oil use, the American Petroleum Institute said.
Petroleum consumption in January dropped 5.7 percent from a year ago to 18.026 million barrels per day.
"While demand for all major refined products declined, the overall dip was driven in significant part by a nearly 27 percent reduction in deliveries of high-sulfur distillate fuel,which is used in home heating," API said in a statement.
"The slide in heating fuel demand reflects January's relatively warm temperatures," API said.
API's demand figure for January is mostly in line with the U.S. Energy Information Administration's preliminary estimate of fuel consumption at 18.099 million bpd for the month. The EIA issues its revised January demand number at the end of March.
Demand for gasoline fell 0.2 percent to 8.398 million bpd in January, an nine-year low for the month.
During the same period, distillate demand was down 1.4 percent to 3.914 million bpd, while jet fuel consumption fell 0.2 percent to 1.353 million bpd.
Total imports in January accounted for 56 percent of U.S. oil demand, down from 61.4 percent a year earlier.
Source: Reuters
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