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API: Record gasoline demand and rise in petroleum demand in Feb

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Hydrocarbon Engineering,

The American Petroleum Institute (API) has reported that total petroleum deliveries, a measure of consumer demand, rose 2% in February from year ago levels to average 19.8 million bpd. These were the highest February deliveries in eight years. Total motor gasoline deliveries rose 5.2% from February 2015 to 9.1 million bpd and were the highest deliveries for the month on record.

“Low gasoline prices continued to drive up demand in February,” said Hazem Arafa, API Director of Statistics. “In fact, gasoline demand rose to a new all time record for the month as drivers took advantage of the low prices.”

February distillate deliveries were down from the prior year by 17% to average nearly 3.8 million bpd. Crude oil production fell 3.6% from February 2015 to average 9.1 million bpd in February 2016.

US total petroleum imports in February averaged nearly 9.9 million bpd, up 6.7% from year ago levels. Refined product imports in February increased by 6.1% from year ago levels to 2.3 million bpd.

In February, gasoline production averaged nearly 9.9 million bpd, up 3.2% from year ago levels. Distillate fuel production declined by 3.3% from February 2015. API’s latest refinery operable capacity was 18.174 million bpd. Refinery gross inputs moved up by 1.7% from February 2015 to reach a new high for the month, averaging 15.9 million bpd.

Exports of crude oil and refined petroleum products increased 6% in to average just below 5 million bpd. This was the highest February export level ever.

Crude oil stocks ended in February at 519.6 million bbls, up by 16% from year ago levels to the highest February inventory level in since 1930. Stocks of motor gasoline ended in February at 252.4 million bbls, up 4.9% from the prior year. Distillate fuel oil stocks rose by 32.2% from the same period last year to end at 162.8 million bbls, which is the highest February inventory level in 35 years. Jet fuel stocks rose 10.2% from the prior year to end at 42.5 million bbls. Stocks of ‘other oils’ were down from year ago levels.

Adapted from press release by Francesca Brindle

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