Recent dramatic revisions to official U.S. oil consumption data have caused confusion among traders and analysts who rely on these figures for decision-making. The U.S. Energy Information Administration (EIA) reported that oil consumption reached a seasonal record in May, with gasoline usage surpassing pre-pandemic levels. This contradicts earlier weekly data indicating that demand struggled to meet last year’s figures.
Typically, monthly data, released with a two-month lag, differs from preliminary weekly estimates by about 100,000 to 200,000 barrels per day (bpd). However, the recent revisions have shown significant discrepancies. For instance, while weekly data suggested gasoline consumption was just over 9 million bpd in May, the monthly update indicated it was nearly 400,000 bpd higher, leading to a total oil demand of 20.8 million bpd—800,000 bpd more than weekly estimates.
The EIA attributed the inaccuracies in weekly figures to overestimated gasoline output and undercounted exports. They clarified that while weekly estimates may not be as precise as monthly data, they should consistently reflect general trends. The agency is actively working to align both data sets more closely.