EIA Trims US Demand Outlook

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Demand for US oil products is expected to be slightly lower than previously thought as higher prices and diminished consumer sentiment start to bite, according to the US Energy Information Administration (EIA). In its latest Short-Term Energy Outlook (STEO), the EIA lowered its US 2022 oil demand forecast by 140,000 b/d to 20.34 million b/d, which is expected to grow to 20.75 million b/d in 2023. The agency's outlook for US consumption in 2023 is 50,000 b/d lower than it predicted in July. Gasoline, jet fuel and diesel demand are now expected to be a little softer this year, while demand for natural gas liquids like ethane and propane is forecast to be somewhat higher than predicted in last month's STEO. After the revision, US gasoline demand is seen rising by just 30,000 b/d from last year to 8.83 million b/d in 2022, while jet fuel demand is expected to increase by 160,000 b/d to 1.53 million b/d. Diesel demand is flat at 3.94 million b/d.

Oil Demand, Oil Products, Oil Prices
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