According to the API's monthly statistical report, total petroleum deliveries in November moved up 2.2% to average 19.6 million bpd, and were the highest November deliveries in nine years, since 2007.
For year to date, total domestic petroleum deliveries moved up 0.6% compared to the same period last year. According to the Bureau of Labor and Statistics (BLS) 2 December 2016 report, the overall economy in the US showed signs of improvement in November with an estimated 178 000 jobs added to the economy. The unemployment rate decreased by 0.3% point, and the total number of unemployed persons declined 387 000 to 7.4 million.
Gasoline deliveries in November were down from the prior month, but up from the prior year, and the prior year to date. Total motor gasoline deliveries, a measure of consumer gasoline demand, moved up 0.6% from November 2015 to 9.2 million bpd. These were the lowest deliveries since January 2016, but remained the fourth highest November deliveries on record.
“Unemployment went down and gasoline prices stayed low in November, and the economy continues to show positive signs of growth heading into the new year,” said Chief Economist, Erica Bowman.
Domestic crude oil production in November was higher compared to the prior month, but was lower than the prior year, and the prior year to date. At an average of 8.7 million bpd, US crude oil production in November decreased 6.5% from November 2015, but increased from October by 1.1%. November’s crude oil production was the third highest for the month and the second highest year to date in 31 years, since 1985.
US total petroleum imports in November averaged nearly 10.4 million bpd, up 6.1% from the prior month, and up 13.1% from the prior year. November’s total petroleum imports were the highest in five years. Year to date total imports were up 7.1% to average 10.1 million bpd compared with year to date 2015. Meanwhile, crude oil imports in November were up compared with the prior year, increasing 9.1% from November 2015 to average 8 million bpd. Compared to the prior month, crude imports were up 4.8%. Compared to year to date 2015, crude imports were up 7.8%. Last month’s crude imports were the highest November imports in four years, since 2012.
Crude oil stocks (excluding lease stocks) ended in November averaging at nearly 485.8 million barrels–the highest November inventory level in 86 years, since 1930.Crude stocks were up 0.4% or 2.1 million bbls from the prior month, and were up by 6.5% or 29.8 million bbls from the prior year. Stocks of motor gasoline ended in November up 2.2% from last month and up 2.3% from last year to average 228.0 million bbls. These were the highest motor gasoline stocks for the month in 30 years, since 1986. Distillate fuel oil stocks were up 4.4% from the prior month, but were down 1% from the prior year to end at 155.6 million bbls– the second highest stocks for the month in 6 years, since 2010.