API: Total US petroleum deliveries reach 10-year peak in June

Total US petroleum deliveries reached an average of more than 20.3 million b/d in June—their highest level for the month since 2007 and a 2.6% increase from June 2016, the American Petroleum Institute reported. The figure also was the highest monthly amount so far in 2017, coming in 1% higher than in May, API said in its latest Monthly Statistical Report. API uses deliveries to measure demand.

Total US petroleum deliveries reached an average of more than 20.3 million b/d in June—their highest level for the month since 2007 and a 2.6% increase from June 2016, the American Petroleum Institute reported. The figure also was the highest monthly amount so far in 2017, coming in 1% higher than in May, API said in its latest Monthly Statistical Report. API uses deliveries to measure demand.

For the second quarter, total US petroleum deliveries rose to an average 20 million b/d from 19.4 million b/d during 2016’s comparable period. In 2017’s first half, deliveries increased to an average of nearly 19.8 million b/d from more than 19.4 million b/d in the same period last year, API said.

“Strong demand for petroleum is a good sign for the economy, which grew for the 97th consecutive month,” said API Statistics Director Hazem Arafa. “American workers and consumers continue to benefit from these positive economic signs along with relatively low fuel prices.”

Last month’s average 9.61 million b/d of gasoline deliveries came in lower year-to-year than June 2016’s 9.66 million b/d, while the year-to-date average of nearly 9.22 million b/d also was less than the average of more than 9.26 million b/d during 2016’s first half, API reported.

It said that June’s US crude oil and condensate production rose year-to-year to an average 9.3 million b/d from June 2016’s 8.7 million b/d. It was the highest US crude production level for June in 45 years, API noted. Natural gas liquids production rose to an average 3.63 million b/d during the same period, which was the highest US June NGL production on record, API said.

API said that average imports of crude oil and products last month totaled more than 10.2 million b/d, up from June 2016’s nearly 10.1 million b/d and the highest level for the month since 2012.

Crude oil imports, excluding purchases for the US Strategic Petroleum Reserve, climbed year-to-year to an average 7.98 million b/d in June from 7.61 million b/d a year earlier. API said that crude imports last month also were at their highest level for June since 2012.

US supplies also grew year-to-year in June, climbing to 24.9 million bbl from 23.6 million bbl a year earlier. Operable refining capacity grew to an average 18.6 million b/d from June 2016’s 18.4 million b/d. Refinery utilization rose to 93.7% from 91.1% during the same period.

Contact Nick Snow at nicks@pennwell.com.

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