Worldwide liquid fuels consumption will reach 90.1 million b/d in 2013 and 91.5 million b/d in 2014, due to a moderate recovery in global economic growth, the US Energy Information Administration forecast in its latest Short-Term Energy Outlook.
EIA estimates that world liquid fuels consumption was 89.1 million b/d in 2012. [In other words, consumption remains flat, year over year.]
As oil product inventories are restocked and new refining capacity comes on line, refinery crude oil inputs in China are to be bolstered in 2013, EIA said. Liquid fuels consumption in China is forecast to increase by 450,000 b/d in 2013 and by 510,000 b/d in 2014, compared with annual average growth of 540,000 b/d from 2004 through 2010.
Because of declining consumption in Europe, the Organization for Economic Cooperation and Development liquid fuels consumption will further fall by 0.3 million b/d in 2013, EIA projected. The decline will be halted in 2014 in response to a higher economic growth in Europe.
In the US, EIA expects total liquid fuels consumption will grow modestly by 30,000 b/d in 2013, up 0.1% from last year, and by another 80,000 b/d in 2014. Distillate fuel consumption, which fell by 160,000 b/d in 2012, increases at an average annual rate of 10,000 b/d in 2013 and 60,000 b/d in 2014, driven by industrial output growth and colder winter weather. Motor gasoline and jet fuel consumption remain flat in 2013 and 2014 as increasing travel is offset by fuel economy improvements, EIA said.It seems we get new EIA (and IEA) estimates every month or so. The new estimates don't amount to a hill of beans. Indeed, "up 0.1% from last year" -- I rest my case.
But traders will hang on every word.
E-I-E-I-O.
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