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API reports high petroleum demand in November

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Hydrocarbon Engineering,

The American Petroleum Institute (API) has announced that total petroleum deliveries in November 2017 rose to 19.9 million bpd - the strongest November monthly demand since 2007.

Total domestic petroleum deliveries through the first 11 months of 2017 climbed 0.9%, which exceeded demand growth in 2016 despite higher prices.

API Chief Economist, Dean Foreman, said: “With sustained strength in the US and global economies, petroleum demand remained strong despite higher prices than last year […] Resilient supply continued to outpace demand in November, yet inventories experienced a record November drawdown. With US crude prices trading at a discount to international ones — and the Brent-WTI crude price differential above US$6/bbl at the end of November — there was a greater pull for US petroleum exports, which increased by 22% or about 1.2 million bpd compared with November 2016.”

Motor gasoline deliveries were the strongest ever for a November. Consumer gasoline demand, as measured by total motor gasoline deliveries, rose by 0.6% year-over-year to 9.3 million bpd. Following an exceptionally strong October, gasoline deliveries fell by 0.6% for the month. However, the year-to-date trend remains positive, and deliveries climbed by 0.2% year-to-date through the first 11 months of the year compared with the same period in 2016 and are on track to set a new annual record above 9.3 million bpd for 2017.

US crude oil production in November remained strong and above 9 million bpd for the tenth consecutive month. Domestic crude oil production increased 9% from the prior year and reached the highest November output in 47 years, since 1970, to average nearly 9.7 million bpd. Compared with the prior month and the prior year to date, crude oil production increased 2.8%and 4%, respectively. The month-ago increase likely reflected the impact of hurricane recovery and market stabilisation. Domestic crude oil production in the lower 48 states increased by 2.9% from October and was 9.5% higher than November 2016 at more than 9.1 million bpd.

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