• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 1 day Wind droughts
  • 4 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 2 days Oil Prices Fall After Fed Raises Rates
  • 12 days How Far Have We Really Gotten With Alternative Energy
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 10 days "Russian oil executive and Putin critic Ravil Maganov dead after mysterious six-story fall" - The New York Post
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 7 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 10 days The Federal Reserve and Money...Aspects which are not widely known
Energy Earnings Set To Ease, But Oilfield Services Remain Strong

Energy Earnings Set To Ease, But Oilfield Services Remain Strong

Credit rating company Moody’s expects…

Why The World Needs To Invest In Fossil Fuels

Why The World Needs To Invest In Fossil Fuels

Despite multiple warnings in recent…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

U.S. Oil Demand Has Been Vastly Overestimated

  • OilX: Weekly U.S. oil demand data by the Energy Information Administration has been significantly overestimated.
  • The weekly demand estimates in March already showed that recent demand strength has been easing off.
  • In the latest weekly assessment, the EIA estimated that gasoline demand alone fell from 8.63 million bpd to 8.5 million bpd last week.

Weekly U.S. oil demand data by the Energy Information Administration (EIA) has been significantly overestimated compared to the final monthly oil demand, oil data analytics firm OilX said on Friday.

"US weekly data significantly overestimated total monthly oil demand, not just in other oils, but also for road fuels," OilX said in a post on Twitter.

The weekly demand estimates in March already showed that recent demand strength has been easing off, according to the analytics company.

"This may turn out even weaker if recent errors vs monthlies continue in a similar fashion," OilX noted.  

EIA's petroleum supply monthly, published on Thursday, showed that total product supplied—the proxy for total oil demand—averaged 19.731 million barrels per day (bpd) in January.  

EIA's weekly data pegged American oil demand at a much higher level—21.7 million bpd.

"While weekly data pegged demand at 21.7m b/d, the monthly data cuts it back almost two million barrels a day to 19.73m b/d," Javier Blas, energy and commodities columnist at Bloomberg, said on Thursday, also noting the "huge downward revision to U.S. oil demand for January 2022."

The downward revision could be a sign that demand was not as strong as many analysts believed earlier this year.

In the latest weekly assessment, the EIA estimated that gasoline demand alone fell from 8.63 million bpd to 8.5 million bpd last week.

"The drop in gas demand, alongside growth in total stocks, contributes to price decreases. If demand continues to decline as gasoline stocks continue to build, the national average will likely continue to move lower," AAA said on Thursday, noting that gasoline prices have fallen this week slightly.

"The downdrafts will continue as oil drops after the SPR announcement," GasBuddy's head of petroleum analysis, Patrick De Haan, said on Thursday after the U.S. announced the largest-ever SPR release. "Nearly all states will see falling #gasprices over the next week and potentially beyond," De Haan added.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Randy noipe on April 04 2022 said:
    Of course they did it was just a ploy to drive up prices.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News