According to data from the American Petroleum Institute, total US petroleum deliveries, a measure of demand, gained 0.7% in April from the same period last year to average 18.9 million b/d. These were the highest April deliveries since 2010.
“Although demand for ground transportation fuels fell slightly last month, demand for aviation and marine transportation fuels saw significant gains,” said API Chief Economist John Felmy. “As has been the case for some time, the market’s primary themes in April were strong supply and moderate demand growth.”
Gasoline demand fell last month 0.4% from the prior year to average just above 8.9 million b/d. Distillate deliveries in April averaged 3.9 million b/d, down 1% from April 2014.
Over the same period, demand rose for jet fuel (6.3%), residual fuel (9.4%), and “other oils” (6.6%).
At nearly 9.3 million b/d, US crude oil production increased 8.6% from April 2014, marking the third highest crude oil production level in any month since April 1973. Natural gas liquids production averaged nearly 3.1 million b/d, the highest for the month on record and 5.1% higher than April 2014’s output.
According to the most recent rig count report from Baker Hughes Inc., there were a total of 976 oil and gas rigs drilling in the US in April, a decline of 11.9% from the previous month and 46.8% below the year-ago level.
US total petroleum imports last month averaged nearly 9.7 million b/d, 1% higher than the prior year but the second lowest April level since 1996. Crude oil imports in April rose 3.2% from April 2014 to just under 7.8 million b/d. Imports of refined products fell 7.3% from over the same period to about 1.9 million b/d, the lowest level for the month since 1995.
Gasoline production set a new record for the month, rising 0.4% from the previous April to nearly 9.8 million b/d. Meanwhile, distillate fuel production fell 1.3% to just over 4.9 million b/d. Year-to-date production of both gasoline and distillate also was the highest ever.
Refinery gross inputs in April rose 0.5% from last year to a record high for the month of 16.3 million b/d. Exports of refined petroleum products were up 14.8% from a year prior to average nearly 4.6 million b/d—the highest April level ever.
The refinery capacity utilization rate in April averaged above 90% for the first time this year at 91.4%. API’s latest refinery operable capacity was 17.882 million b/d.
Crude oil stocks ended the month at 483.9 million bbl, up 3.2% from the prior month, up 23.1% from the prior year, and the highest April inventory level since 1930.
Stocks of motor gasoline ended up 6% from last year at 228.9 million bbl, the highest April level in 28 years. Distillate fuel oil stocks reached the highest April inventory level since 2011 while stocks of jet fuel and “other oils” were down.
