API: petroleum demand up

API Director of Statistics, Hazem Arafa, said: “Strong economic growth is boosting petroleum demand […] Meanwhile domestic production remains high allowing consumers and businesses to continue to enjoy relatively low fuel costs. This is a winning combination.”

Gasoline deliveries in August were down from the prior month, the prior year, and the prior year to date. Total motor gasoline deliveries, a measure of consumer gasoline demand, decreased 1.5% from August 2016, to average 9.5 million bpd. Compared with July, total motor gasoline deliveries decreased 1.5%.

For year-to-date, total motor gasoline deliveries decreased 0.3% compared with year-to-date 2016 to the second highest year-to-date level at 9.3 million bpd. Distillate deliveries in August were up from the prior month, the prior year, and the prior year-to-date to reach the highest August deliveries in 10 years and the highest deliveries since March. Distillate deliveries averaged 4.1 million bpd, an increase of 6.5% compared with August 2016, and were up 0.7% compared with July. For year-to-date, distillate deliveries increased 3.2% compared to year-to-date 2016.

US crude oil production remained above 9 million bpd for the seventh consecutive month. Domestic crude oil production in August decreased from the prior month but was up from the prior year and the prior year-to-date to reach the second highest August output in 45 years, since 1972. Domestic crude oil production decreased 1.3% from July but was up by 6.8% from August 2016 to average 9.3 million bpd in August.

US total petroleum imports decreased 2% from July and decreased 6.4% from August 2016 to average just below 9.7 million bpd in August. These were the lowest imports since November 2015.

Read the article online at: https://www.hydrocarbonengineering.com/refining/29092017/api-petroleum-demand-up/