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OIL PRODUCTS: EIA Shows Drop in US Distialltes Demand but Jet Demand Recovery

OIL PRODUCTS
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The latest EIA weekly petroleum status report for the week to November 22 showed another drop in US distillates demand although jet fuel demand recovered back toward seasonal highs.

  • The four week average implied distillates demand fell again this week to extend the trend since late October to the lowest since early September. Demand is below the previous seasonal five year range and the lowest seasonal level since 2009 heading into the winter season. Demand suggests limited support from the harvest season and with a mild start to the winter weighing, according to Bloomberg. Demand is 8% below the previous five year average.
  • Four week average implied gasoline demand edged lower in line with the seasonal trend to hold just below normal for the time of year. Demand is just 0.9% below the previous five year average.
  • Jet fuel demand, on a four week basis, has recovered following a dip during October to return towards the top end of the previous five year range. Demand is back above levels from a year ago and 13.6% above the previous five year average.

 

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The latest EIA weekly petroleum status report for the week to November 22 showed another drop in US distillates demand although jet fuel demand recovered back toward seasonal highs.

  • The four week average implied distillates demand fell again this week to extend the trend since late October to the lowest since early September. Demand is below the previous seasonal five year range and the lowest seasonal level since 2009 heading into the winter season. Demand suggests limited support from the harvest season and with a mild start to the winter weighing, according to Bloomberg. Demand is 8% below the previous five year average.
  • Four week average implied gasoline demand edged lower in line with the seasonal trend to hold just below normal for the time of year. Demand is just 0.9% below the previous five year average.
  • Jet fuel demand, on a four week basis, has recovered following a dip during October to return towards the top end of the previous five year range. Demand is back above levels from a year ago and 13.6% above the previous five year average.

 

Keep reading...Show less