Petroleum Demand Up In June And Second Quarter
Washington ─ Total U.S. petroleum deliveries (a measure of demand) rose 1.5 percent from June 2013 to average just above 19.0 million barrels per day last month. For the second quarter, petroleum demand increased 1.5 percent compared to the same period last year.
“A wide range of measures show continued strength in petroleum demand and domestic supply last month, with imports around 20-year lows,” said API Chief Economist John Felmy. “Increased U.S. production in recent years has provided an almost barrel-for-barrel counterweight to various disruptions in global supply from overseas.”
Demand for gasoline gained 4.0 percent from June 2013 to average 9.3 million barrels per day while distillate deliveries increased by 3.0 percent to approximately 3.8 million barrels per day. Jet fuel demand increased by 8.4 percent over the same period, while demand fell for “other oils” by 5.5 percent and residual fuel by 10.9 percent. Residual fuel deliveries marked the lowest June level on record.
Crude oil production rose by 15.6 percent from last year to the highest June output in 28 years, averaging just above 8.3 million barrels per day. Natural gas liquids (NGL) production, a co-product of natural gas production, gained 17.6 percent from last year to set a record output level of over 2.9 million barrels per day. According to the latest reports from Baker-Hughes, Inc., the number of oil and gas rigs in the U.S. in June was 1,861, up from May’s count of 1,859 and June 2013’s count of 1,761. This was the highest count since August 2012.
Total oil imports dropped 5.7 percent from the prior year to average 9.2 million barrels per day, the lowest level for the month since 1993. Crude oil imports fell to their lowest level since 1994, sliding 2.6 percent from the prior year to 7.5 million barrels per day. Imports of refined products were down by 17.5 percent from the prior year to average 1.7 million barrels per day, the lowest June level since 1995.
Gasoline production last month set a new record for June and was also the second highest output level ever recorded. An increase of 7.6 percent from the prior year pumped gasoline production up to 10.1 million barrels per day. Production of distillate fuel grew 2.5 percent from last year to set a new June record of 4.9 million barrels per day. Year to date production was also at record highs for both gasoline and distillate.
Refinery gross inputs in June were down 2.5 percent from the prior year to 15.9 million barrels per day. Exports of refined petroleum products rose 8.3 percent from last year, averaging nearly 3.8 million barrels per day.
The refinery capacity utilization rate averaged 88.8 percent in June, down 0.9 percentage points from May and 2.9 percentage points from the same period last year. API’s latest refinery operable capacity was 17.934 million barrels per day.
Crude oil stocks gained 1.4 percent from June 2013 to 380.8 million barrels– the second highest inventory level for the month since 1990. Stocks of motor gasoline fell 4.4 percent from last year to 215.1 million barrels. Stocks of distillate, jet fuel and “other oils” were also all down from their levels of the previous year.
API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 600 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy and are backed by a growing grassroots movement of more than 20 million Americans. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy, delivers $85 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.
SOURCE: American Petroleum Institute