U.S. petroleum demand of 20.5 million barrels per day (Mb/d) fell by 48,000 b/d m/m in July but was at its highest level for the month since 2019. The month-over-month decline in July, which was driven by decreases in motor gasoline (376,000 b/d), k-jet fuel (29,000 b/d), distillate fuel (24,000 b/d), was partially offset by the consumption of other oils and residual fuel, which are mostly used as feedstock for industrial purposes. Other oils demand rose by 331,000 b/d, corresponding with an increase in the Purchasing Managers Index (PMI) for July. According to PMI, though the manufacturing industry remains in ... (full story)