Petroleum demand increased in June and Q2

The API has reported that total US petroleum deliveries increased by 4.2% from June 2014 to average 19.6 million bpd in June of this year. In the second quarter, demand increased by 3.7% compared to the same period last year. John Felmy, API Chief Economist said, “demand for and production of oil and refined products grew almost across the board over the last year. Notably, gasoline demand last month reached the highest level since the summer of 2007.”

Crude

US crude oil production increased by 12.5% from 2014 levels at nearly 9.8 million bpd. This was a new record level for the month of June and the highest for any other month since April 1971. In the second quarter, crude oil production gained 12.9% year over year.

Crude oil stocks gained 22% last month from the prior year, averaged at 468.2 million bpd, the highest level for the month since 1930. Stocks of motor gasoline ended down 0.9% from last year to 216.9 million bpd. Distillate and jet fuel stocks were up from year ago levels while stocks of other oils fell.

Oil products

Gasoline demand increased in June by 3.5% from June 2014 to average over 9.3 million bpd. These deliveries were the highest for any month since August 2007. Deliveries of gasoline in the second quarter increased by 2.6% compared to last year. Distillate deliveries were also up at 1.3% from 2014 levels to average 3.9 million bpd. Over the same period, demand rose for jet fuel, residual fuel and other oils.

Gasoline production fell by 0.3% from June last year to average 9.9 million bpd. Production of distillate fuel rose by 3.5% during that period to nearly 5.15 million bpd, the highest June level ever. Year to date production of both gasoline and distillate set new all time records.

NGLs

Natural gas liquids (NGLs) production set a new all time record in June, averaging approximately 3.4 million bpd. This was 10.3% higher than 2014. Production in the second quarter increased by 11.4% over the same period in 2014.

Imports

Total US imports of petroleum last month averaged 9.1 million bpd, 3.3% higher than a year ago but the second lowest level for the month since 1993. Crude oil imports fell 1.1% to just under 7 million bpd, falling below that mark for only the second time since February 1996.

Refining

Refinery gross inputs for June increased by 0.5% from last year to a record high for the month at approximately 16.9 million bpd. Exports of refined petroleum products were up by 12.6% over the same period to average nearly 4.7 million bpd, the highest June level ever. Refinery capacity utilisation rates last month averaged over 90% for the third time this year at 94.4%. This was up 2.4% from May, and up 4.1% from June last year. The API’s latest refinery operable capacity was 17.873 million bpd.

Edited from press release by Claira Lloyd

Published on 17/07/2015


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