API: US petroleum demand hits highest July level in 3 years

Total US petroleum deliveries, as a measure of demand, averaged 18.9 million b/d last month, up 1.7% from year-ago levels and hitting a 3-year high, according to the American Petroleum Institute’s monthly petroleum statistics.

“The summer travel season brought greater demand for several fuel types last month than we’ve seen in recent years,” said API Chief Economist John Felmy. “On the supply side, we produced more domestic crude last month than at any other point in the last 22 years.”

Gasoline demand rose 2.2% to 9 million b/d, the second lowest July level in 13 years.

Jet fuel demand rose 2.3% and distillate deliveries increased 8% from the previous year levels, recording the highest July demands in the past couple of years. Demand for “other oils” rose 0.4% from year-ago levels. The only fuel type on demand decline was residual fuel with its deliveries felling 35.7% to a record low of 269,000 b/d for July.

Refinery gross inputs rose 2.4% to 16.4 million b/d, the highest July level in 8 years and the second time above 16 million b/d since August 2011. Exports of refined petroleum products averaged 3.4 million b/d in July, up 6.3% from a year earlier.

On the production side, gasoline and distillate fuel production remained robust, up 0.4% and 5.1% from their June levels, respectively. Production of distillate fuel, especially, topped 5 million b/d for the first time ever.

US crude oil production averaged nearly 7.5 million b/d, up 17.4% from July 2012 and reaching a 25-year July high. “This was above 7 million b/d for the ninth consecutive month and the highest output of any month in the last 22 years,” API said.

According to the latest reports from Baker Hughes Inc., the number of oil and gas rigs in the US in July was 1,766, up from June’s count of 1,761.

Crude oil stocks finished July at an 11-month low of 366.8 million bbl, fell 3.2% from June and 0.8% from the prior year. Stocks of motor gasoline rose 8% from last year to 226.2 million bbl. Distillate fuel oil stocks ended at 126.3 million bbl, down 0.2% from year-ago levels.

US total imports in July averaged 9.7 million b/d, an 18-year low for the month. Crude oil imports in July fell to their lowest level in 17 years. Imports of refined products were 2 million b/d, down 6% from July 2012.

“The refinery capacity utilization rate averaged 91.8% in July, up 1.6 percentage points from June but down 1 percentage point from July 2012,” API said. API’s latest refinery operable capacity was 17.82 million b/d, up 3.4% from last year’s capacity.

Contact Conglin Xu at conglinx@ogjonline.com.

Related Articles

EPA won’t finalize RFS’s 2014 biofuel quotas before yearend

11/21/2014 The US Environmental Protection Agency announced it will not finalize 2014 biofuel quotas under the federal Renewable Fuel Standard (RFS) before ye...

MARKET WATCH: NYMEX crude up on recovering Chinese oil demand

11/21/2014

Oil prices bounced back up $1/bbl on the New York market Nov. 20 on indications that Chinese oil demand might be recovering.

Worker killed in platform explosion offshore Louisiana

11/21/2014 An explosion that occurred on Nov. 20 at the Fieldwood Energy LLC-operated West Delta 105 E offshore platform, also known as Echo, in the Gulf of M...

Total joins global climate initiatives

11/20/2014 Total SA, in what it describes as a consolidation of its efforts to address climate change, will support initiatives of the United Nations Global C...

IHS: ‘Tight-oil test’ under way in US amid lower oil prices

11/20/2014 The vast majority of potential US tight-oil production growth remains economical in the current crude oil price environment, according to a recent ...

Apache to sell Louisiana, Anadarko assets for $1.4 billion

11/20/2014 Houston independent Apache Corp. has agreed to sell noncore southern Louisiana and certain Anadarko basin assets in two separate deals for a combin...

AFPM: Oregon’s proposed low-carbon fuel standard unconstitutional

11/20/2014 Oregon’s proposed low-carbon fuel standards (LCFS) program is unconstitutional, the American Fuel & Petrochemical Manufacturers said in comment...

MARKET WATCH: Crude oil futures prices rangebound

11/20/2014 US light, sweet crude oil prices remained below $75/bbl Nov. 19 on the New York market, while analysts and traders focused on the upcoming meeting ...

Bids spike in Northern Alaska lease sales

11/19/2014 Alaska’s Division of Oil & Gas received 356 bids on 298 tracts in its 2014 Northern Alaska area-wide lease sales, trumping the 92 bids received...

White Papers

How to Keep Your Mud System Vibrator Hose from Getting Hammered to Death

To prevent the vibrating hoses on your oilfield mud circulation systems from failing, you must examine...
Sponsored by

Duty of Care

Good corporate social responsibility means implementing effective workplace health and safety measures...
Sponsored by

Increase Equipment Uptime Through Robust Enterprise Asset Management

Whether you operate in the Upstream Drilling and Exploration sector, the Midstream distribution sector...
Sponsored by

Continuous Improvement for Maintenance with Robust Reporting and Analytics

You should have real-time, anywhere access to more relevant and comprehensive data to help manage and ...
Sponsored by

Enterprise Asset Management Solution for Movable Assets in the Oil & Gas Industry

Drilling and exploration companies face several challenges in effectively managing assets both offshor...
Sponsored by

Supporting HSE Needs for Oil & Gas Through Effective Asset Management Practices

The Oil & Gas industry is constantly being challenged to find, extract and deliver cheaper an...
Sponsored by

Sesam for subsea design analysis

With the exponential growth in the subsea sector, a new set of challenges now face the industry. Mostl...
Sponsored by

Is the gas delivery system you’re looking at able to meet your power generation needs: a hydraulic engineer’s perspective

The hydraulic characteristics, and system response to demands and supplies, of natural gas pipelines a...
Sponsored by

Available Webcasts



Optimizing your asset management practices to mitigate the effects of a down market

When Thu, Dec 11, 2014

The oil and gas market is in constant flux, and as the price of BOE (Barrel of Oil Equivalent) goes down it is increasingly important to optimize your asset management strategy to stay afloat.  Attend this webinar to learn how developing a solid asset management plan can help your company mitigate costs in any market.

register:WEBCAST



On Demand

Parylene Conformal Coatings for the Oil & Gas Industry

Thu, Nov 20, 2014

In this concise 30-minute webinar, participants have an opportunity to learn more about how Parylene coatings are applied, their features, and the value they add to devices and components.

register:WEBCAST


Utilizing Predictive Analytics to Optimize Productivity in Oil & Gas Operations

Tue, Nov 18, 2014

Join IBM on Tuesday, November 18 @ 1pm CST to explore how Predictive Analytics can help your organization maximize productivity, operational performance & associated processes to drive enterprise wide productivity and profitability.

register:WEBCAST


US HYDROCARBON EXPORTS Part 3 — LNG

Fri, Nov 14, 2014

US LNG Exports, the third in a trilogy of webcasts focusing on the broad topic of US Hydrocarbon Exports.

A discussion of the problems and potential for the export of US-produced liquefied natural gas.

These and other topics will be discussed, with the latest thoughts on U.S. LNG export policy.

register:WEBCAST


Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected