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API: petroleum deliveries up

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Hydrocarbon Engineering,

The American Petroleum Institute (API) has announced that US total petroleum deliveries moved up by 1.2% from the prior year to nearly 19.3 million bpd in January 2017.

These were the highest January deliveries in nine years.

According to the US Bureau of Labor Statistics (BLS), 227 000 jobs were added to the US economy in January, although the country’s unemployment rate was little changed at 4.8%.

In January 2017, gasoline deliveries were down from the prior year and the prior month. Total motor gasoline deliveries fell 2.6% from January 2016, to average 8.4 million bpd (the lowest demand in 36 months).

Chief Economist, Erica Bowman, said: “2017 is off to a solid start. Consumers continued to save at the pump as gasoline prices remained steadily low and the economy grew, expanding for the 92nd consecutive month.”

Crude oil production in January increased 1% from December 2016, but was down by 2.5% on the corresponding period of 2016 to average almost 9 million bpd in January 2017.

Natural gas liquids (NGL) production was up from both the prior month and prior year. NGL production in January averaged 3.5 million bpd.

US total petroleum imports in January averaged 10.7 million bpd, up 6.3% from the prior month and up 9.7% from the prior year. Crude oil imports in January were at their highest level since September 2012. Crude oil imports increased by 8.2% from January 2016, to 8.3 million bpd in January 2017.

Crude oil stocks ended in January at 499.5 million bbls. Crude stocks were up 3.4% from the prior month, and were up 6.6% from the prior year. Total inventories of all oils were up 4.3% from year ago levels, and up 3.1% from month ago levels.

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