financetom
Economy
financetom
/
Economy
/
US oil demand grew to highest seasonal level since 2019 in July, EIA data shows
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US oil demand grew to highest seasonal level since 2019 in July, EIA data shows
Oct 2, 2024 11:40 PM

NEW YORK (Reuters) -U.S. oil demand rose in July to the highest seasonal level since 2019 while output declined for the second time in three months, data from the U.S. Energy Information Administration showed on Monday.

U.S. oil demand has been more resilient this year compared to other major consumers such as China, which have lagged under economic pressures.

Total oil consumption rose 1.2% from June to 20.48 million barrels per day in July, the highest for that month since 2019. Demand for both gasoline and ultra-low sulfur diesel was at the highest seasonal levels since 2019, whereas jet fuel demand of 1.83 million bpd was the highest for any month since August 2019.

Meanwhile, oil output in the country slowed marginally for the second time in three months. Total U.S. oil production fell by 25,000 bpd from June to 13.205 million bpd in July, EIA data showed.

Some oil analysts and investors have been watching for signs of a slowdown in U.S. production as record supplies from the country, coupled with weak economic activity in China, have weighed heavily on oil prices this year. The U.S. pumped a monthly record of 13.3 million bpd last December, according to EIA data.

Oil output in Texas fell by 34,000 bpd from June to 5.71 million bpd in July, EIA data showed. That was the first monthly decline in the top oil producing region of the country since January.

Output also declined in North Dakota, the third-largest oil producing state in the country. North Dakota field production fell by 20,000 bpd from June to 1.16 million bpd in July, the lowest since January, according to the EIA data.

Number two oil producer New Mexico bucked the trend, with output up by 25,000 bpd to a record of 2.04 million bpd, EIA data showed.

Gross natural gas production in the U.S. Lower 48 states rose to a five-month high of 116.7 billion cubic feet per day in July, according to EIA's monthly 914 production report.

That was the first time gas output rose for two months in a row since December 2023 and compares with a monthly record high of 118.2 bcfd also in December 2023.

In top gas-producing states, monthly output in July rose to a record high of 35.7 bcfd in Texas and a five-month high of 21.0 bcfd in Pennsylvania.

That compares with a monthly record high of 21.9 bcfd in Pennsylvania in December 2021.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Looming US Treasury debt auctions an important sentiment test
Looming US Treasury debt auctions an important sentiment test
Jun 10, 2025
NEW YORK (Reuters) -U.S. Treasury auctions of notes and bonds this week are even more in focus than usual as tests of market sentiment on U.S. assets, and while investors look like keen buyers of short and medium-term debt, appetite at the long end is more dicey.    These once-routine auctions have become a focus for investors as a gauge of...
Republican congressman Green to resign after tax bill vote
Republican congressman Green to resign after tax bill vote
Jun 9, 2025
WASHINGTON (Reuters) -Republican U.S. House Representative Mark Green said on Monday that he will resign from Congress after the House votes again on President Donald Trump's sweeping tax and spending bill. Recently, I was offered an opportunity in the private sector that was too exciting to pass up. As a result, today I notified the Speaker and the House of...
US Dollar Rises Early Tuesday Ahead of Light Data Day
US Dollar Rises Early Tuesday Ahead of Light Data Day
Jun 10, 2025
07:35 AM EDT, 06/10/2025 (MT Newswires) -- The US dollar rose against its major trading partners early Tuesday, ahead of a light data release day. Earlier Tuesday, the National Federation for Independent Business reported that small business sentiment improved modestly but that uncertainty remains. Taxes were cited as the largest problem by 18% of respondents, above labor quality and inflation...
Jeremy Siegel Backs Ted Cruz's Plan To End Fed Interest Payments On 'Excess Reserves,' Potentially Saving $2 Trillion In Deficits: 'Not A Trivial Concern'
Jeremy Siegel Backs Ted Cruz's Plan To End Fed Interest Payments On 'Excess Reserves,' Potentially Saving $2 Trillion In Deficits: 'Not A Trivial Concern'
Jun 10, 2025
After Sen. Ted Cruz (R-Texas) pushed for abolishing the interest paid by banks on their deposits with the Federal Reserve, senior economist Jeremy Siegel supported his arguments, whereas the JPMorgan Chase & Co. strategists opposed the idea, warning of serious implications. What Happened: Cruz, while speaking to CNBC on June 5, suggested that the Federal Reserve should eliminate paying interest...
Copyright 2023-2026 - www.financetom.com All Rights Reserved