API: US petroleum demand highest for April since 2008

According to data from the American Petroleum Institute, total US petroleum deliveries in April averaged 19.6 million b/d, up 1.7% from April 2016. These were the highest April deliveries in 9 years.

According to data from the American Petroleum Institute, total US petroleum deliveries in April averaged 19.6 million b/d, up 1.7% from April 2016. These were the highest April deliveries in 9 years.

Compared with March, total US petroleum deliveries decreased 0.3%. For year-to-date (YTD), total US petroleum deliveries edged up slightly 0.1% compared with the same period last year to average 19.4 million b/d.

The overall US economy showed gains for the fourth time in the year, adding 211,000 jobs in April, according to the latest US Bureau of Labor Statistics report. The US unemployment rate was little changed at 4.4% and the number of unemployed persons also was little changed at 7.1 million.

“The manufacturing sector expanded in April while the overall economy grew for the 95th consecutive month,” said Chief Economist Erica Bowman. “These positive economic signs along with relatively low fuel prices have benefited American consumers and workers.”

Gasoline deliveries in April were up from the prior month and the prior year, but down from the prior YTD. Total motor gasoline deliveries, a measure of consumer gasoline demand, moved up 0.6% from April 2016 to average nearly 9.3 million b/d—the highest April deliveries on record. Compared with March, total motor gasoline deliveries increased 0.4%.

At 9.2 million b/d, crude oil production was the second-highest April output since 1973. Crude oil production increased 1% from March and was up 3.4% from April 2016. This was the highest for any month since November 2015.

Crude production also was up 2.2% YTD compared with 2016. Natural gas liquids production was down from the prior year but up from the prior month and the prior YTD. NGL production in April averaged nearly 3.5 million b/d, down 1.5% from last year, but up 0.4% from last month and up 1.4% from the prior YTD. This was the second-highest April output level on record.

US total petroleum imports in April averaged 10.2 million b/d, up 1.6% from the prior month and up 3.3% from the prior year. Total petroleum imports also were up 3.4% YTD compared with YTD 2016. Crude oil imports increased 3.4% from April 2016 to just below 7.9 million b/d in April. Compared with March, crude oil imports were 0.4% higher. Crude imports YTD also were up 2.7% compared with YTD 2016.

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