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

EPA approves Magellan’s Corpus Christi splitter project

12/12/2014 The US Environmental Protection Agency has issued a final greenhouse gas prevention of significant deterioration construction permit to Magellan Pr...

Keyera to take majority interest in Alberta gas plant

12/12/2014 Keyera Corp., Calgary, will pay $65 million (Can.) to buy a 70.79% ownership interest in the Ricinus deep-cut gas plant in west-central Alberta.

PBF Energy, PBF Logistics make management changes

12/12/2014 Matthew Lucey, currently executive vice-president of PBF Energy Inc., will succeed Michael Gayda as the company’s president. Todd O’Malley, current...

TAEP: TPI still peaking, but ‘contraction unavoidable’ as oil prices fall

12/12/2014 The Texas Petro Index (TPI), a composite index based on a comprehensive group of upstream economic indicators released by the Texas Alliance of Ene...

MARKET WATCH: NYMEX crude oil price extends slump

12/12/2014 Crude oil prices extended their slump on the New York market with a Dec. 11 settlement of less than $60/bbl for January, and prices continued downw...

US needs more data before ending crude export ban, House panel told

12/11/2014 Much more environmental impact information is needed before the US can reasonably remove crude oil export limits, a witness told a House Energy and...

BOEM raises offshore oil spill liability limit to $134 million

12/11/2014 The US Bureau of Ocean Energy Management increased the liability limit for oil-spill related damages from offshore operations to $134 million from ...

Rosneft, Essar sign terms of oil supply agreement

12/11/2014 OAO Rosneft and Essar Energy PLC have signed key terms of an oil supply agreement in New Delhi. Rosneft said shipments to India may begin in 2015.

Barton introduces bill to remove US crude export limits

12/11/2014

US Rep. Joe Barton (R-Tex.) introduced legislation that would remove US crude oil export limits that have been in place for nearly 40 years.

White Papers

AVEVA NET Accesses and Manages the Digital Asset

Global demand for new process plants, power plants and infrastructure is increasing steadily with the ...
Sponsored by

AVEVA’s Approach for the Digital Asset

To meet the requirements for leaner project execution and more efficient operations while transferring...
Sponsored by

Diversification - the technology aspects

In tough times, businesses seek to diversify into adjacent markets or to apply their skills and resour...
Sponsored by

Engineering & Design for Lean Construction

Modern marketing rhetoric claims that, in order to cut out expensive costs and reduce risks during the...
Sponsored by

Object Lessons - Why control of engineering design at the object level is essential for efficient project execution

Whatever the task, there is usually only one way to do it right and many more to do it wrong. In the c...
Sponsored by

Plant Design for Lean Construction - at your fingertips

One area which can provide improvements to the adoption of Lean principles is the application of mobil...
Sponsored by

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

Available Webcasts


On Demand

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

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


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