US in February Shows Lower Demand, Supply Than Thought

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  • Monthly US data shows February demand for oil and petroleum products coming in well below the weekly forecast.
  • Oil supply for the month wound up 700,000 b/d lower than the Energy Intelligence forecast.
  • Countrywide demand in February was 1.2 million b/d lower than weekly Energy Information Administration data had suggested.

US monthly data displayed another sobering start for 2022. Oil consumption turned out to be lower than previously believed as the Omicron variant and high inflation weighed on mobility and consumer spending, according to US Energy Information Administration (EIA) data.

Oil Supply, Oil Demand, Oil Products, Crude Oil, Oil Forecasts
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