News | August 29, 2014

Petroleum Demand Up 1.3 Percent In July

Washington ─ Total U.S. petroleum deliveries (a measure of demand) rose 1.3 percent from July 2013 to average nearly 19.3 million barrels per day last month. These were the highest July deliveries in four years.

“Last month generated new records for many of the petroleum statistics we track,” said API Chief Economist John Felmy. “Refinery gross inputs, gasoline production, distillate production and exports of refined products all set new highs for the month of July. On the other side of the equation, imports of crude oil and refined products set multi-decade lows for the month.”

Gasoline demand gained 1.0 percent from July 2013 to average 9.1 million barrels per day, the highest level for the month since 2010. Demand also increased for distillate (6.6 percent), jet fuel (3.3 percent) and “other oils” (5.5 percent). Deliveries of residual fuel, which have declined in recent years due to environmental restrictions and the relative price of natural gas, fell 49.4 percent from the prior year to a new all-time low of 183 thousand barrels per day.

U.S. crude oil production in July remained strong, rising 13.9 percent from last year to average nearly 8.5 million barrels per day, the highest July output level since 1986. According to the latest reports from Baker-Hughes, Inc., the number of oil and gas rigs in the U.S. in July was 1,876, up 15 counts from June, and up 110 counts from July 2013. This was the highest count since August 2012.

Total imports last month decreased 11.6 percent from July 2013 to average 9.1 million barrels per day. Meanwhile, crude oil imports averaged 7.5 million barrels per day on a 7.2 percent drop compared to the prior year. Both figures represent a 19 year low for the month of July. Imports of refined products fell 28.0 percent from last year to the lowest July imports level in 33 years at just below 1.6 million barrels per day.

Production of gasoline in July averaged 9.9 million barrels per day, up by 6.6 percent from July 2013 to the highest July output on record and just 1.9 percent below the all-time record set in June. Production of distillate fuel also set a new July high at just over 5.0 million barrels per day. This was a 1.5 percent increase from the previous year.

Another July record was seen in U.S. refinery gross inputs, which rose 0.9 percent from last year to reach 16.6 million barrels per day. Exports of refined petroleum products were up by 1.3 percent from the prior year to average 3.9 million barrels per day, also a July record. The refinery capacity utilization rate averaged 92.8 percent in July. API’s latest refinery operable capacity was 17.934 million barrels per day.

Crude oil stocks ended at 363.9 million barrels, a 0.7 percent decrease from July 2013. Stocks of motor gasoline were down by 4.2 percent from last year to 213.6 million barrels. Distillate, jet fuel and “other oils” stocks were all down from year ago levels.

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 24 million Americans. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy, delivers $84 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.

 

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SOURCE: American Petroleum Institute

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