According to the API, total US petroleum deliveries (a measure of demand) increased by 4.9% from November 2012, averaging 19.4 million bpd last month.
Gasoline demand rose 5.4% from November 2012, averaging approximately 8.9 million bpd.
API Chief Economist, John Felmy, commented on the trend: ‘Last month’s increase in demand reflected gathering strength in the broader economy.
‘A number of the production trends we track either set or came close to setting new records last month. As the Energy Information Agency said this week, growing domestic production is helping consumers by putting downwards pressure on prices’.
US gross refinery inputs increased by 3.2% from November 2012, as most refineries came back online following scheduled turnaround and maintenance in the prior month. Figures reached the second highest November level on record, at 15.9 million bpd. Exports of refined petroleum rose 6% from last year to 3.6 million bpd. This is the highest November level on record.
Gasoline production rose 3.1% from last year to 9.4 million bpd, the second highest output on record for the month, and only 63 000 bbls below the all time high. For year to date, production increased by 2.1% compared with the same period last year.
Domestic crude production averaged above 8 million bpd in November, for the first time in 25 years. US crude production increased by 13.8% since November 2012.
Meanwhile, crude stocks fell 1% to end at 375.7 million bbls, the second highest inventory for the month. Stocks of motor gasoline ended down 1.4% from last year, at 212.3 million bbls.
Adapted from a press release by Emma McAleavey.
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