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EIA: US Oil Demand Growth Grinds to Halt in May

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  • After blistering start of the year, US demand growth peters out.
  • Higher fuel prices, economic slowdown seem to take their toll.
  • As expected, only jet fuel demand takes off as pandemic wanes.

The frantic pace of US demand growth in the first three months of 2002 slowed to a crawl in April and ground to a halt in May — just as oil prices moved rapidly higher in that period and economic growth was sliding into a technical recession. The latest data from the US Energy Information Administration (EIA) showed that US oil consumption in May 2022 averaged 20.08 million barrels per day, just behind the levels seen in May 2019. US oil demand still grew by 500,000 b/d April to 19.96 million b/d, but that was a significant slowdown from the 1.8 million b/d demand increase seen in the first quarter of the year.

Topics:
Oil Demand, Oil Products, Oil Prices, Jet Fuel
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