April petroleum demand hits four year high

In April total Us petroleum deliveries rose 2.3% from April 2013 to average approximately 19 million bpd. These were the highest April deliveries in four years. API Chief Economist, John Felmy said, ‘April brought strong year over year growth in both the production and refining sectors. The oil and natural gas industry continues to provide a solid base for growth in the larger economy.’

Oil products

Gasoline demand increased 2.7% and distillate deliveries 8.8% from April last year, to average 9 million bpd and 4.2 million bpd respectively. Demand for jet fuel dropped to the second lowest level for April in 19 years while residual fuel deliveries were the lowest on record for the month. Deliveries of other oils for April showed a slight drop over year ago levels.

Gasoline production set a new all time record in April, increasing by 9.2% from April last year to 9.8 million bpd. Distillate production rose 12.1% from last year to the highest April level on record, approximately 5 million bpd.

Imports and refining

Total imports in April averaged 10.1 million bpd, 0.6% higher than last year and the second lowest level in 17 years. Crude oil imports averaged 8 million bpd, an increase of 3.7% year on year, while imports of refined products fell 9.4% from April last year to 2.1 million bpd, the second lowest level for the month in 16 years.

New April records were set for refinery gross inputs and exports of refined products. Compared to 2013, refinery gross inputs grew 5.1% to 16.1 million bpd, and exports of refined petroleum products gained 16% to average 3.7 million bpd. The refinery capacity utilisation rate averaged 89.7% in April. API’s latest refinery operable capacity was 17.922 million bpd.

Oil stocks

Crude oil stocks ended 390 million bbls, down 1.5% from last year but still the second highest April inventory level in 31 years. Stocks of motor gasoline were down by 2.3% from last year to 216 million bbls. Distillate, jet fuel and other oils stocks were all down from 2013 levels.

Adapted from press release by Claira Lloyd

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