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U.S. imports oil at record pace

Sept. 28, 1998

U.S. oil imports were a record 9.17 million b/d in August, a 6.4% increase from a year ago. The previous record of 8.96 million b/d was set last May. For the first time, U.S. imports of crude and products surpassed 11 million b/d, reaching 11.074 million b/d, a 5.8% increase from August 1997. Imports were 57.6% of U.S. August product deliveries.

U.S. oil imports were a record 9.17 million b/d in August, a 6.4% increase from a year ago. The previous record of 8.96 million b/d was set last May.

For the first time, U.S. imports of crude and products surpassed 11 million b/d, reaching 11.074 million b/d, a 5.8% increase from August 1997. Imports were 57.6% of U.S. August product deliveries.

August deliveries of U.S. refined products, a key indicator of demand, jumped 3.5% to 19.223 million b/d from August 1997, said American Petroleum Institute. API said U.S. gasoline deliveries were up 4.3% at 8.586 million b/d following a weak showing in the second quarter.

Distillate fuel oil deliveries were 3.507 million b/d, up 11.8% from August last year. Distillate stocks rose 9.8% to 146 million bbl, the highest level in August since 1982.

East Coast inventories were 70 million bbl vs. the usual 55-60 million bbl at this time of year. August deliveries of kerosine jet fuel fell 6.7% to 1.538 million b/d, despite growth in commercial air traffic this past summer.

The average U.S. refinery utilization rate was 99.2% vs. 98.9% in August 1997. U.S. crude stocks rose 10.6%, to an average 332.8 million bbl, from August 1997.

U.S. crude production was 6.303 million b/d in August, down 0.7% from a year ago. Alaskan output continued to slide, falling 5.8% to 1.13 million b/d.