U.S. Oil Demand Growth ‘Softened Considerably’ in 1H – API

Growth in U.S. oil demand “softened considerably” in the first half of the year, as high prices weighed on all main fuel groups, the American Petroleum Institute said Wednesday.

Total domestic deliveries of petroleum products, a proxy for oil demand, grew by just 0.3% from the first half of 2004, the weakest result for a six-month period in three years, the API said in its mid-year statistical report. Growth is much weaker than the scorching 3.5% rate notched in 2004, the API said.

“Higher prices in the first half of the year was a factor that appeared to slow demand growth across all major products,” the API said.
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