While obviously subject to potential revision, the latest four weeks reveal that total U.S. refined product demand was off by 2.0% versus last year when demand in January 2009 dropped by 5.5% versus January 2008. If we take the latest four-week rolling average as a rough proxy for January demand, the U.S. is consuming some 1.5 MMB/D less than two years ago. In terms of gasoline, the latest four-week data registering a 0.8% decline likely reflects at least some impact from adverse weather conditions early in January. However, it would also make sense that consumers are remaining quite cautious as 2010 begins, curtailing discretionary driving to a degree.

Published on 28 January 2010 by cwhornsby in Hornsby Energy Trading

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