API: US petroleum demand up in June, second quarter

Total US petroleum deliveries, a measure of demand, rose 1.5% in June vs. a year ago to average just above 19 million b/d, according to the American Petroleum Institute’s most recent Monthly Statistics Report. For the second quarter, petroleum demand increased 1.5% compared with 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 US production in recent years has provided an almost barrel-for-barrel counterweight to various disruptions in global supply from overseas.”

Gasoline demand last month gained 4% from June 2013 to average 9.3 million b/d while distillate deliveries increased by 3% to average 3.8 million b/d.

Jet fuel demand also increased by 8.4% over the same period, while demand for “other oils” fell by 5.5%. Residual fuel deliveries fell by 10.9%, marking the lowest June level on record.

According to API’s report, crude oil production in June rose by 15.6% from the level of the previous year to just above 8.3 million b/d, the highest June output in 28 years. Natural gas liquids production gained 17.6% over the same period to set a record output level of over 2.9 million b/d.

According to the latest reports from Baker Hughes Inc., the number of oil and gas rigs in the US in June was 1,861, the highest count since August 2012. This compares with May’s count of 1,859 and June 2013’s count of 1,761.

Total oil imports in June decreased 5.7% from the prior year to average 9.2 million b/d, the lowest level for the month since 1993. Crude oil and refined product imports for the month fell 2.6% and 17.5% from a year ago, respectively, averaging 7.5 million b/d and 1.7 million b/d.

Meanwhile, exports of refined petroleum products in June rose 8.3% from last year, averaging nearly 3.8 million b/d.

Gasoline production last month increased 7.6% from the prior year to 10.1 million b/d, a new record for June and the second highest output level ever recorded. Production of distillate fuel grew 2.5% from last year to set a June record of 4.9 million b/d. “Year to date production was also at record highs for both gasoline and distillate,” API said.

Refinery gross inputs in June were down 2.5% from the prior year to 15.9 million b/d. The refinery capacity utilization rate averaged 88.8% 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 b/d.

According to API’s data, crude oil stocks gained 1.4% from June 2013 to 380.8 million bbl—the second highest inventory level for the month since 1990. Stocks of motor gasoline fell 4.4% from last year to 215.1 million bbl. Stocks of distillate, jet fuel and “other oils” were also all down from their levels of the previous year.

Related Articles

IAGC appoints new president

09/19/2014 The board of the International Association of Geophysical Contractors has reported that Ken Wells has been named as the organization’s president.

MARKET WATCH: Crude oil futures down more than $1 in New York, London

09/19/2014 The New York Mercantile Exchange October crude oil contract lost $1.35 to $93.07/bbl on Sept. 18. The November contract declined $1.22 to $91.98/bbl.

ExxonMobil ‘winding down’ Arctic well, complying with US, EU sanctions on Russia

09/19/2014 ExxonMobil Corp. released a statement that the company is complying with all US sanctions on Russia after news reports that the operator had halted...

ExxonMobil, Linn to make second asset exchange this year

09/19/2014 ExxonMobil Corp. has agreed to trade interest in 500 net acres from South Belridge field near Bakersfield, Calif., to Linn Energy LLC, Houston, in ...

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