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API: petroleum demand up

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Hydrocarbon Engineering,

The American Petroleum Institute (API) reports that total petroleum deliveries climbed 2.6% from June 2016 and were up 1% from May to average 20.3 million bpd in June.

These were the highest deliveries for the year and the highest deliveries for the month of June in 10 years.

For 2Q17, total domestic petroleum deliveries increased 3% compared to 2Q16. For year to date, total domestic petroleum deliveries increased 1.6% compared to the same period last year.

The overall economy in the US showed gains for the fifth time in the year, adding 222 000 jobs in June, according to the US Bureau of Labor Statistics (BLS). The US unemployment rate fell 0.4% to 4.4%, and the number of unemployed persons decreased 658 000 to 7 million.

API Director of Statistics, Hazem Arafa, said: “Strong demand for petroleum is a good sign for the economy which grew for the 97th consecutive month […] American workers and consumers continue to benefit from these positive economic signs along with relatively low fuel prices.”

Gasoline deliveries in June were down from the prior year and the prior year to date, but were up from the prior month and the prior quarter. Total motor gasoline deliveries, a measure of consumer gasoline demand, moved down 0.5% from June 2016 but were up 0.3% from May to average 9.6 million bpd –the second highest June deliveries on record. For 2Q17, total motor gasoline deliveries increased 0.5% compared to the 2Q16. For year to date, total motor gasoline deliveries decreased 0.5% compared with the same period last year.

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