U.S. petroleum use decreased for a third-consecutive week, with gasoline and jet fuel demand both declining during a period that, in typical years, is marked by heavy travel around the Thanksgiving holiday.

In its latest Weekly Petroleum Status Report covering the period ended Nov. 27, the Energy Information Administration (EIA) said Wednesday that overall petroleum demand fell 4% week/week and was 13% below year-earlier levels. On a year/year basis, jet fuel use was down 42% and gasoline was off 12%.

Nearly 50 million people traveled for the Thanksgiving holiday in 2020, the American Automobile Association (AAA) estimated, but that was 10% lower than a year earlier despite favorable weather this year and wintry conditions in 2019. The AAA estimate covers trips of 50 miles or...