Total petroleum deliveries in May moved up by 3.1% from May 2015 to average 19.7 million bpd. These were the highest May deliveries in eight years, since 2008. Compared with April, total domestic petroleum deliveries, a measure of US petroleum demand, decreased by 0.1%. For year to date, total domestic petroleum deliveries moved up by 1.8% compared to the same period last year.
“Consumers have been enjoying low prices at the pump and are driving more,” said Erica Bowman, API Chief Economist. “Demand for gasoline reached a record high for May.”Gasoline deliveries in May were up from the prior month, the prior year, and the prior year to date to reach a record high for the month of May and year to date. Total motor gasoline deliveries, a measure of consumer gasoline demand, moved up 2.1% from May 2015, to average over 9.4 million bpd – the highest May deliveries on record.
Crude oil production was down from the prior month, the prior year, and the prior year to date to the lowest output level in 22 months. Crude oil production decreased 1.7% from April, and was down by 7.4% from May 2015 to average 8.8 million bpd in May. This was the eighth consecutive monthly decline seen. Natural gas liquids (NGL) production, a co-product of natural gas production, was up from the prior month, the prior year, and the prior year to date.
US total petroleum imports in May averaged 10.1 million bpd, up 1.3% from the prior month and up 6.3% from the prior year, but remained the third lowest total petroleum imports for the month of May in 20 years, since 1996. For year to date, total petroleum imports were also up by 5.9% compared with year to date 2015. Crude oil imports increased 11.5% from May 2015 to 8.1 million bpd in May 2016. Compared with April 2016, crude oil imports were 3.8% higher. For year to date, crude imports were also up 8.8% compared with year to date 2015. Gasoline production for the month of May averaged 9.8 million bpd, down 0.3% from the prior year, and down 0.2% from the prior month.
Refinery gross inputs moved down 2% from May 2015, but remained the second highest inputs for the month of May, averaging 16.3 million bpd. Compared to April 2016, refinery gross inputs were down 0.5%. Production of all four major products: gasoline, distillate, jet fuel and residual fuels was higher than demand for those products, so refined products were exported. Exports of crude oil and refined petroleum products decreased 5.9% in May 2016, compared to May 2015, to average nearly 4.6 million bpd. This was the second highest May export level ever.
Crude oil stocks ended in May at 531.4 million bbls – the highest May inventory level on record in 96 years, since 1920. Crude stocks were down 9.3 million bbls or 1.7% from the prior month, and were up by 52.0 million bbls or 10.9% from the prior year. In May, motor gasoline stocks ended at 243.9 million bbls, up 1.7% from the prior month and up by 9.6% from prior year. May’s motor gasoline stocks were the highest inventory level for the month of May for 32 years, since 1984. Distillate fuel oil stocks were up 4.1% from the prior month, and up by 21.9% from the prior year to end at 163.4 million bbls – the highest May inventory level in 35 years, since 1981. Jet fuel stocks were up from the prior month by 3.8%, and up by 4.1% from the prior year to end at 44.2 million bbls. Stocks of ‘other oils’ were down from month ago and year ago levels. Total inventories of all oils were down 3.8% from month ago levels, but were up by 4.1% from year ago levels.
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/refining/17062016/api-monthly-statistical-report-sees-petroleum-demand-rise-in-may-3535/