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"This Week In Petroleum"
Released on September 6, 2007 (Next Release on September 12, 2007)
Measuring Oil Demand Growth Last Friday, EIA released monthly data for June, and for the 10th month in a row, total oil demand was lower than suggested by the weekly data for the same period. Gasoline demand was also lower than suggested by the weekly data for the same period for the sixth time in a row. The monthly data provide a less timely estimate, but one based on more complete information. Some analysts have pointed to the recent relationship between weekly and monthly demand data as an indicator that demand growth may not be as strong as markets once thought. However, a user should use caution when analyzing demand growth as there are many different comparisons.
Several different comparisons of current data to year-ago data can be made. In addition to the monthly-based-on-weekly to monthly comparisons described above, analysts can make monthly-to-monthly, weekly-to-weekly, and weekly-to-monthly comparisons. Each comparison provides a different perspective on trends in demand growth.
This can be illustrated using June 2007 data (see table below). When