The Energy Information Administration (EIA) in its Petroleum Supply Monthly report, said that demand for petroleum products in the United States saw significant declines in March. The fall occurred as containment measures to curb the COVID-19 pandemic took in place and prevent customers from travelling or leaving their homes.
Gasoline demand dropped 1.2 million bpd or 13% from February to 7.8 million in March, the lowest level since January 2000. Over the same period, jet fuel consumption decreased by 242,000 bpd or 15%, the sharpest monthly decline since EIA began compiling US jet fuel demand data in 1965. Meanwhile, demand for distillate declined by only 98,000 bpd or 2%.
EIA added that the demand decline prompted refiners to lower their operation rates. Gross inputs into US refineries fell by 670,000 bpd or 4% to 15.8 million bpd, the lowest since October 2015. However, upstream production remained robust in March, resulting in a 28.2 million barrel or 6% build in US petroleum inventories which reached 482 million barrels.
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Published on June 10, 2020 9:48 AM (GMT+8)Last Updated on June 10, 2020 9:48 AM (GMT+8)
