A jump in demand for ultra-low-sulfur diesel in October suggests continued economic recovery, according to the American Petroleum Institute.
ULSD deliveries averaged 3.19 million barrels per day, API reported, 8.4 percent higher than the previous October, according to the API's Monthly Statistical Report.
"The October data suggests continued economic recovery, although still on a small scale," observed API Chief Economist John Felmy. "We will have to see how recent petroleum price increases factor into consumer confidence and demand moving forward."
October gasoline deliveries averaged 9.04 million barrels per day, 1.4 percent higher than the previous month and 0.6 percent higher than October 2009.
U.S. crude oil production in October rose to 5.5 million barrels per day, marking the highest production level for any October since 2003.
ULSD deliveries averaged 3.19 million barrels per day, API reported, 8.4 percent higher than the previous October, according to the API's Monthly Statistical Report.
"The October data suggests continued economic recovery, although still on a small scale," observed API Chief Economist John Felmy. "We will have to see how recent petroleum price increases factor into consumer confidence and demand moving forward."
October gasoline deliveries averaged 9.04 million barrels per day, 1.4 percent higher than the previous month and 0.6 percent higher than October 2009.
U.S. crude oil production in October rose to 5.5 million barrels per day, marking the highest production level for any October since 2003.
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