Total petroleum deliveries, a measure of demand, rose 1.2% in November from year ago levels to average 19.6 million bpd, according to API’s Monthly Statistical Report for November 2015. These were the highest November deliveries in eight years, since 2007. Production of all four major products – gasoline, distillate, jet fuel and residual fuels – was higher than deliveries for those products, so refined products were exported.
“We continued to see strong demand for gasoline, but record refinery production actually outstripped demand for all four major petroleum products,” said API Director of Statistics Hazem Arafa. “Fortunately, other countries around the world are eager to buy from US refineries.”
Total motor gasoline deliveries, a measure of consumer gasoline demand, rose 3.2% from November 2014 to just above 9.2 million bpd. Distillate deliveries in November decreased from November 2014 to average nearly 3.9 million bpd.
At an average of 9.1 million bpd, US crude oil production in November fell 0.8% from November 2014. Natural gas liquids production, a co-product of natural gas production, in November averaged 3.3 million bpd, which was the highest for the month on record.
US total petroleum imports in November averaged nearly 9.4 million bpd, up 4.1% from the prior year. Meanwhile, crude oil imports in November were up compared with the prior year, increasing by 6.7% from November 2014 to average nearly 7.8 million bpd.
At an average of 9.8 million bpd, production of gasoline in November was the highest level ever for the month. Production of distillate fuel in November rose by 2.1% from the prior year to reach an average output of 5.1 million bpd, the highest November level ever.
Refinery gross inputs in November increased by 0.8% from last year to reach a record high for the month at nearly 16.5 million bpd.
The refinery capacity utilization rate in November averaged 91.2%, down 0.7 percentage points from the same period last year. API’s latest refinery operable capacity was 18.083 million bpd, up 272 thousand barrels per day from last year’s capacity of 17.811 million bpd.
Crude oil stocks ended in November averaging at 488.6 million bbls – the highest inventory level for the month of November and for any month in 85 years, since 1930. Crude stocks were up 1.4% from the prior month and were up by 25.6% or 99.6 million bbls from the prior year. Stocks of motor gasoline ended up by 1.0% from last month but were down by 1.0% from last year to average 217.4 million bbls in November. These were the fourth highest motor gasoline stocks for the month in 21 years, since 1994. Distillate fuel oil stocks were up 17.3% from the prior year to end at 148.1 million bbls – the highest November inventory level in 5 years, since 2010. Jet fuel stocks were up by 4.2% from the prior year to end at 37.5 million bbls. Stocks of other oils were down from year ago levels. Total inventories of all oils were up by 11.6% from year ago levels.
Adapted from press release by Rosalie Starling
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