US petroleum demand: December 2013 and Q4 2013

From December 2012 total US petroleum deliveries rose by 5.8% to average approximately 19.2 million bpd in December 2013. For the fourth quarter of last year, petroleum deliveries increased by 4.6% compared to the same period in 2012.

‘Both demand and production in December showed strong gains over the prior year, reflecting continued progress in domestic manufacturing as well as the broader economy,’ said API Chief Economist John Felmy.

From December 2013 gasoline demand rose by 4.5% to average approximately 8.8 million bpd. Demand also increased from the prior year for distillate, jet fuel, other oils and residual fuel.

Domestic crude production increased by 14.5% in December and 13.4% in the fourth quarter from 2012 figures to just over 8.1 million bpd, the highest level for the month in 26 years.

Imports and refining

US total imports were down 6% from December 2012 levels to average just over 9 million bpd. Crude oil imports fell 4.1% over the same period to 7.3 million bpd. Both market the lowest December levels in 18 years. Imports of refined products were down 13.2% from the same time in 2012 to 1.8 million bpd, the lowest level for the past 16 years.

Refinery gross inputs rose by 4.6% from December 2012 to their highest level for the month at 16.4 million bpd. Exports of refined petroleum products were at 3.7 million bpd, up by 2.9% in December and 10.3% in the fourth quarter compared to the same periods in 2012.

Gasoline production was up 4.2% to the highest output for the month of December to 9.4 million bpd. At an all time high of nearly 5.2 million bpd, distillate production rose 5.7% from December 2012.

Crude oil stocks fell 2.4% from 2012 to end at 356.6 million bbls, but remained the second highest inventory level for the month in 32 years. Stocks of motor gasoline ended down 4.2% from 2012 to 221.1 million bbls in December 2013.

The refinery utilisation rate averaged 92.3% in December 2013, up 3% from November and 1.9% higher than the same time in 2012. API’s latest refinery operable capacity was 17.816 million bpd, up 2.4% from last year’s capacity of 17.391 million bpd. 

Adapted from a press release by Claira Lloyd.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/24012014/api_us_dec_2013_petroleum_demand104/