Total US petroleum deliveries rose 1.9% from May 2013 to average 18.9 million bpd this May, according to the API. These were the highest deliveries in May for six years. API Chief Economist, John Felmy said, ‘last month saw a continuation of recent trends, with strong demand and even stronger production resulting in falling import levels.
From May last year, gasoline demand gained 3.6% to average 9.3 million bpd, the highest level for the month since 2007. Demand increase for jet fuel by 0.6% and 5.2% for distillate from the prior year average to hit 1.4 million bpd. Residual fuel deliveries fell over the same period by 13.5% to an all time low of 186 000 bpd. Demand for other oils fell to 1.1% below levels for the same time last year.
Gasoline production rose to an all time high of 10.3 million bpd, the first time ever above 10 million bpd, on an increase of 10.9% over May 2013 output. Production of distillate fuel reached the highest output level ever recorded for May. The 5% increase from the prior year lifted distillate production to just over 5 million bpd.
Imports and refining
Total imports averaged just under 9.6 million bpd in May of this year, falling 4.5% from the same time last year. Crude oil imports fell 1.9% over the same period to 7.6 million bpd. Both figures represent the lowest May levels in 19 years. Imports of refined products fell by 13.2$ from last year to the lowest imports level in 18 years which stood at 2 million bpd.
US refinery gross outputs were up 2.4% in May at 16.1 million bpd, the highest level for the month since 2005. Exports of refined products were up by 10.9% from the prior year to hit 3.8 million bpd. These were the highest exports for the month on record. The refinery capacity utilisation rate averaged 89.7% in May. API’s latest refinery operable capacity was reported as 17.934 million bpd.
Adapted from press release by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/20062014/api_petroleum_demand_supply_may_2014/