U.S. gasoline demand falls in July for first time in four months – EIA
U.S. gasoline demand fell by a modest 0.1 percent in July compared to last year, the first year-over-year decline in four months, according to data released Friday by the U.S. Energy Information Administration.
Overall, U.S. gasoline demand through July is down 0.46 percent compared to the same stretch last year, but the decline could become more pronounced as data that takes into account the demand destruction from a historic hurricane season is released in the months ahead.
U.S. gasoline demand was down 5,000 barrels-per-day (bpd) in July to 9.573 million bpd.
The modest decline in July gasoline demand was overcome by continued strength in distillate demand, which rose 3.1 percent, or 110,000 bpd, year over year to 3.707 million bpd, EIA data showed.
Total oil demand was up 1.2 percent, or 244,000 bpd, to 20.02 million bpd in July compared to last year, EIA data showed.
U.S. gasoline demand, which accounts for 10 percent of global consumption and hit a record high last year, has risen each year since 2012.
Motor travel data suggests strong driving numbers, but experts have said that greater fuel efficiency has taken hold and helps keep gasoline demand weaker than expected.
U.S. motorists logged 0.8 percent more miles on the road in July than they did in the year-ago month, keeping 2017 on a pace to break last year’s record of total miles driven, according to U.S. Department of Transportation data. Motorists drove 1.5 percent more miles on U.S. roads through July than in the same period last year, the data shows.
Source: Reuters (Reporting By Jarrett Renshaw; Editing by Chizu Nomiyama)