The American Petroleum Institute said Wednesday that US April gasoline production of 8.14 million b/d equaled a record set in 1998.
API said gasoline runs were up 1% from a year ago. Production of reformulated gasoline was especially strong, with more than 2.63 million b/d produced to meet the May 1 deadline for using summer Phase II RFG.
US RFG inventories have increased 7.7%, or 3 million bbl, to 41.9 million bbl since March. Total gasoline stocks of 202.1 million bbl were down 6.5% compared with April 1999. April's 541,000 b/d of imported gasoline were the lowest for that month since 1995.
Gasoline deliveries to market were flat at 8.389 million b/d compared with April a year ago, API said. However, it said the US Energy Information Administration's data methods and potential revisions could mean that demand growth was actually about 1%.
API said, comparing average April prices with March, retail gasoline prices declined more than 6�/gal to $1.43/gal, roughly 30% higher than average pump prices in April 1999. "Retail prices so far this year have averaged about 40% higher compared with the unusually low prices of 1999. This has contributed to weaker gasoline demand growth," API said.
Deliveries of distillate fuel oil were up 6.8% at 3.644 million b/d, a record for April, when demand usually slackens due to warmer weather.
Supply data
On the supply side, US crude oil production was down 0.2% at 5.875 million b/d. API said production in the Lower 48 states increased 1.4%, the fifth consecutive monthly increase. Alaska production was off 7.2%.
API said the US Bureau of Labor Statistics reported that the upstream sector gained 3,000 jobs in April. Total upstream employment was 299,100, the highest level in more than a year.
API said April kerosine jet fuel deliveries were up 1.4% at 1.650 million b/d, and resid was up 5.6% at 680,000 b/d.
US NGL production was 9.7% higher at 1.959 million b/d. Imports of crude and products were 11.133 million b/d, off 0.8% from April a year ago.
Petroleum stocks levels all were down in the US. Crude oil stocks were off 8.5% at 301.8 million bbl, kerosine 4.6% at 42.3 million bbl, distillates 21.3% at 98.6 million bbl, and resid 16.4% at 33.9 million bbl. Total stocks were 920 million bbl, down 11.8% from April a year ago.
