The API has reported that total US petroleum deliveries increased in January by 1/5% from January 2014 to average 19/2 million bpd. This was the highest January demand since 2008. API Chief Economist, John Felmy commented, “demand for crude and most refined products remained up from where it was a year ago. We also saw continued strength in production of oil and natural gas. While rig counts have dropped, an impact on production was not felt.”
Oil and oil products
In January gasoline demand increased by 6.3% from 2013 levels to average 8.7 million bpd, also the highest January demand since 2008. Over the same period, deliveries of jet fuel and other oils increased by 2.8% and 1.7% respectively. Demand fell by 5% for distillate and 13% for residual fuel.
For crude oil production there was a rise of 15.4% from 2013 to average just below 9.2 million bpd. This was the highest output for any month since October 1973 and the highest January output since 1971. Natural gas liquids production, a coproduct of natural gas production, averaged 3.1 million bpd, 18.7% higher than last year. This was the highest January NGL output on record.
Gasoline and distillate production set new January records this year. Production of gasoline increased by 4.3% from the prior year to average approximately 9.4 million bpd, while distillate production increased by 5.3% to nearly 4.9 million bpd.
Crude oil stocks increased 13.4% from last year to end the month a 412.6 million bbls, the highest January inventory level since 1930. Stocks of motor gasoline ended January down 0.9% from year ago levels. At 233.6 million bbls, these were the lowest inventories in five years. Stocks of distillate, jet fuel and other oils were all up from year ago levels.
US total imports in January hit their second lowest level since 1997, averaging 9.4 million bpd. This was a 1.6% increase from the prior year. Crude oil imports fell 1.5% from January last year to nearly 7.5 million bpd, the lowest level in nearly two decades. While refined product imports in January rose by 15.8% over the same period to hit 1.9 million bpd, this was the second lowest January import level since 2008.
Refinery gross inputs gained 1.9% from January last year to average a new high for the month of 15.9 million bpd. Exports of refined petroleum products increased 8.1% during this period, averaging 4.3 million bpd. This was the highest January export level ever.
The refinery capacity utilisation rate averaged 89.5% in January, an increased of 2.3% from January last year, but down by 4.2% from the previous month. This was the highest rate for the month in 10 years. API’s latest refinery operable capacity was 17.805 million bpd.
Edited from press release by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/refining/23022015/january-oil-market-report/