Year on year October US petroleum demand rose 1.3% to average just under 19 million bpd. ‘Domestic crude oil production hit a 25 year October high last month while imports fell to a 17 year October low,’ said API Chief Economist John Felmy. ‘The US continues to meet more and more of its demand with energy produced here at home.’
Gasoline demand was up 2.6% from October 2012 to average 8.9 million bpd. These were the highest October deliveries since 2010. Distillate demand increased 3.3% over the same period to just under 4 million bpd. Compared to October last year, deliveries of other oils rose 3.4%, jet fuel demand increased by 1.6% to the third lowest level for the month since 1993, and deliveries of residual fuel decreased 38.3% to an all time low of 192 000 bpd in October.
Gross US refinery inputs fell 4.9% from September and rose to 1.6% compared to October 2012. This is the lowest level in six months with some refineries on reduced runs due to turnaround and maintenance. Exports of refined petroleum products decreased 2.7% from September and rose 9.2% from October last year to nearly 3.6 million bpd. This was the highest level for the month on record.
From last year there was a 2.2% reduction in gasoline production to just over 8.9 million bpd, the lowest level for October since 2009. Distillate fuel production was up by 9.5% from last year and achieved an all time high of 4.9 million bpd. Domestic crude production increased by 11.7% from October last year but was down 0.1% from September. This was the highest levels for October in 25 years.
Stocks, imports and refineries
Crude stocks rose 1.6% from October 2012 to 382.2 million bbls. This is the highest October inventory in 83 years. Stocks of motor gasoline were up 4.4% from 2012 at 212 million bbls. Distillate fuel oil stocks were up 2.7% and hit the second lowest October levels in nine years. Total imports to the US of crude oil fell to their lowest level in 17 years last month. Refinery capacity utilisation averaged 86.4% in October down, 4.4% on September.
Adapted from press release by Claira Lloyd
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