US crude oil demand fell by 3.3pc in the first quarter, led by sharp declines in sales of heating oil and fuel oil. The EIA's Petroleum Supply Monthly, published at the end of April, revised February demand down by 770,000 b/d to just 19.78mn b/d, 1.5mn b/d lower than in February last year. This is the first time since November 2003 that US monthly demand has dropped below 20mn b/d. Residual fuel oil sales fell to 550,000 b/d, 40pc down on a year earlier and close to the record low reached at the end of 2006. Diesel is the only product for which first-quarter demand is up on last year. But even this growth is questionable, because of a sulphur specification change in summer last year which means that off-road automotive fuel is now defined as diesel rather than heating oil.
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