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 >
US Dollar Falls Early Friday Ahead of August Employment Data
US Dollar Falls Early Friday Ahead of August Employment Data
Sep 5, 2025
07:50 AM EDT, 09/05/2025 (MT Newswires) -- The US dollar fell against its major trading partners early Friday ahead of the release of employment data for August at 8:30 am ET. Nonfarm payrolls are expected to rise by 75,000 in August after 73,000 jobs gain in the previous month, the unemployment rate is forecast to rise to 4.3% from 4.2%...
US job growth slows sharply in August, unemployment rate ticks higher
US job growth slows sharply in August, unemployment rate ticks higher
Sep 5, 2025
NEW YORK (Reuters) -The pace of U.S. job growth slowed more than expected in August, and the unemployment rate increased, pointing to signs of slowing labor market conditions and boosting expectations the Federal Reserve will need to be more aggressive in cutting interest rates.  Nonfarm payrolls increased by 22,000 jobs in August, after rising by an upwardly revised 79,000 in...
Bad Jobs Data Just Dropped—And Wall Street Smells Rate Cuts Coming
Bad Jobs Data Just Dropped—And Wall Street Smells Rate Cuts Coming
Sep 5, 2025
After months of warning signs, the slowdown in America's labor market is now undeniable. August's jobs report reveals a near standstill in hiring, cementing expectations that the Federal Reserve will be forced to cut interest rates—and perhaps more aggressively than markets had already anticipated. August Jobs Data Is So Bad, The Fed Can't Hide From Rate Cuts Anymore The U.S....
Trump Fed Pick Says He's 'Not At All' A 'Puppet' As Elizabeth Warren Warns Stephen Miran Would 'Take An Axe' To Central Bank Autonomy
Trump Fed Pick Says He's 'Not At All' A 'Puppet' As Elizabeth Warren Warns Stephen Miran Would 'Take An Axe' To Central Bank Autonomy
Sep 5, 2025
President Donald Trump‘s Federal Reserve nominee Stephen Miran defended his independence during a contentious Senate Banking Committee hearing on Thursday, as Democrats warned his appointment could undermine the central bank’s autonomy over monetary policy decisions. Miran Promises Fed Independence Despite Trump Pressure Miran, currently chair of Trump’s Council of Economic Advisors, faced two hours and 20 minutes of questioning about...
Copyright 2023-2026 - www.financetom.com All Rights Reserved