Total US petroleum deliveries fell 1.1% in May year on year to average just over 18.5 million bpd. This is the third lowest recorded level for May in 15 years.
‘The economy continues to show signs of modest growth, but there are still some yellow flags out there,’ said API Chief Economist John Felmy. ‘Despite some gains in employment and retails sales last month, demand for oil and gasoline did not keep pace.’
Gasoline demand fell 3.3% from May last year to on average 8.7 million bpd. Distillate deliveries managed to rise by 2.3% to a five year high for the month of May. This was driven by a 5.1% increase in ultra low sulfur distillate. Deliveries of other oils and kerosene jet fuel fell 2.7% by year on year levels. Compared to May 2012, residual fuel oil demand jumped 35.6% but it was still the second lowest level on record for the month.
Refinery gross inputs fell 0.7% from last year but remained above 15 million bpd for the second month in a row. Gasoline production was up on April and also May of last year. Distillate fuel production reached its highest demand level ever for May at 4.8 million bpd. Products were exported during May as production of all major refined products exceeded deliveries.
Stock levelsMay crude oil levels ended at 388.6 million bbls, which is the highest inventory level for May since 1981. Stocks of motor gasoline grew year on year to 222.2 million bbls while distillate fuel oil stocks ended up slightly lower.
Adapted from press release by Claira Lloyd.
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