U.S. December Oil Demand Increases Amid Decline in NGL Production

The U.S. Energy Information Administration (EIA) reported a decrease in the country's natural gas liquids (NGL) production by 249,000 barrels per day in December, bringing the total to 7.6 million barrels per day, down from 7.849 million barrels per day in November. According to Jin10, despite this decline, gasoline demand in the U.S. saw a slight year-on-year increase of 0.1%, or 8,000 barrels per day, reaching 8.781 million barrels per day in December, compared to a 1.7% decrease in November. Overall, U.S. oil demand rose by 1.1% year-on-year, equating to an increase of 236,000 barrels per day, totaling 20.851 million barrels per day in December, following a 0.7% decline in November. Additionally, distillate fuel demand grew by 1.8% year-on-year, or 69,000 barrels per day, reaching 3.812 million barrels per day, compared to a 3.2% increase in November.