EIA Revise US Oil Demand and Production Upwards for June
Monthly US oil demand has seen another revision higher to a five-year seasonal high of 20.72mbpd in June 2023 from 20.40mbpd in May and compared to 19.93mbpd in Jun 2022 according to the latest monthly data from the EIA. The increase was driven by record summer consumption of natural gas liquids used in petrochemical processes.
- Gasoline consumption was revised up to 9.28mbpd in June but was still well below pre-pandemic levels. Weekly data have suggested consumption would be weaker than the revisions show.
- US crude production also saw upward revisions from 12.64mbpd in May to 12.84mbpd in June to the highest since Feb 2020 and up from 11.80mbpd in Jun 2022.
- Change in US oil demand y/y by product in kbpd:
- Gasoline +204 to 9,279
- Distillate -91 to 3,958
- Jet fuel +49 to 1,735