Petroleum demand up in June

In June this year, total US petroleum deliveries rose 1.5% from the same time last year to average just over 19 million bpd. For the second quarter, petroleum demand increased 1.5% compared to the same period last year.

John Felmy, API Chief Economist said, ‘a wide range of measures show continued strength in petroleum demand and domestic supply last month, with imports around 20 year lows. Increased US production in recent years has provided an almost barrel for barrel counterweight to various disruptions in global supply from overseas.’

Petroleum products

Demand for gasoline increased 4% from June last year to average 9.3 million bpd while distillate deliveries increased 3% to hit 3.8 million bpd. Jet fuel demand increased by 8.4% and demand fell for other oils by 5.5 and residual fuel 10.9%. Residual fuel deliveries were at the lowest level recorded for June.

Gasoline production set a new record for June and was also the second highest output level ever recorded in the USA. An increase of 7.6% from 2013 pumped gasoline production to 10.1 million bpd. Production of distillate fuel grew 2.5% from last year to set a new June record o 4.9 million bpd. Year to date production was also at record highs for both gasoline and distillate.

Imports

Total oil imports dropped by 5.7% from last year to average 9.2 million bpd in June, the lowest level for the month since 1993. Crude oil imports fell to their lowest level since 1994, sliding 2.6% from last year to 7.5 million bpd. Imports of refined products were down by 17.5% from the previous year to hit 1.7 million bpd, the lowest level since June 1995.

Refining and stocks

Refinery gross outputs were down 2.5% last month from the same time in 2013 at 15.9 million bpd. Exports of refined petroleum products rose 8.3% from last year, averaging 3.8 million bpd. Refinery capacity utilisation averaged 88.8% in June, down 0.9% from May and 2.9% from the same time last year.

Crude oil stocks gained 1.4% from June last year to hit 380.8 million bbls, the second highest inventory level for the month since 1990. Stocks of motor gasoline fell 4.4% from last year to 215.1 million bbls. Stocks of distillate, jet fuel and other oils were also down from levels hit in June 2013.

Adapted by Claira Lloyd

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