By the OGJ Online Staff
WASHINGTON, DC, July 18 -- Growth in petroleum products deliveries increased only 1.3% in the first half, reflecting the weakness of the US economy, the American Petroleum Institute said Wednesday.
It said indicators of demand worsened in the second quarter, with deliveries barely able to match year-ago levels.
API said despite record production, gasoline deliveries of 8.424 million b/d increased just 0.9% compared to last year's first half, but they declined 1.8% in June (compared to 2000) and slipped 0.3% when comparing second quarters of 2001 and 2000. It said lackluster growth rates resulted from sharply higher springtime gasoline retail prices and slower national economic growth.
Second quarter gasoline production was a record at nearly 8.6 million b/d, about 2.4% more than second quarter 2000. The refinery gasoline yield averaged 54%, higher than the 5-year average of 53.5% at this time of year, according to API.
Distillate refinery yields also were high at 23% in the second quarter versus a 22.7% average of the past 5 years. Distillate production of 3.6 million b/d during the first half was up nearly 6% compared to last year.
API said the first half was one of the busiest times ever for US refineries. Crude and other inputs processed in the first quarter set a record for that time of year and the 15.839 million b/d processed in the second quarter was the highest ever recorded on a quarterly basis. First half inputs were up 2.6% over last year.
US crude production of 5.868 million b/d in the first half was just 0.4% higher than last year. Slightly higher production in the Lower 48 states, boosted by offshore wells in the Gulf of Mexico, made up for a small decline in Alaska.
API also said 9,902 holes were finished in the second period, up 45%. Gas well completions rose 69% and oil well completions were up 23%.
Crude imports were 9.2 million b/d in the first half, up 4% from last year. Imports' share of the estimated US demand reached a record average of 60% in the first half. In April, imports hit 62.8%, the largest share in history, API said.
Gasoline imports were 747,000 b/d in the second quarter, the second highest level on record. June gasoline imports were 820,000 b/d, a 15.3% increase over June last year. Gasoline inventories were 220.5 million bbl, 5.2% more than June 2000.
API said June distillate stocks were up 7.5% at 113.9 million bbl, crude inventories were up 6.6% at 309.8 million bbl, kerosine jet fuel stocks were down 0.7% at 43.4 million bbl, and resid inventories were up 18.3% at 43.8 million bbl. Total US products stocks were 1 million bbl, up 1.2% from May and up 5.2% from June a year ago.
