Amid ongoing signs that the U.S. economy experienced modest growth early in the fourth quarter, total petroleum deliveries, a measure of demand, rose 2.5% in October compared with the year prior period, the American Petroleum Institute reported in its most recent Monthly Statistical Report released on Friday (11/18). At 19.4 million bpd, total deliveries were at a three-year high for the month of October.
Manufacturing output continued to strengthen for the month as the ISM Manufacturing Index Survey showed expansion for the 27th consecutive month. However, according to the Consumer Confidence Index Survey, October’s 39.8 reading was at a record low for the year.