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API: petroleum demand rose in August

Published by , Editor - Hydrocarbon Engineering
Oilfield Technology,

Total petroleum deliveries in August moved up by 1.6% from August 2015 to average 20.1 million bpd. These were the highest August deliveries in nine years, since 2007.

“When petroleum demand grows it’s a sign the economy is on the right track,” said Erica Bowman, API chief economist. “The overall economy showed gains for the seventh time in the year, adding 151 000 jobs in August which is good news for everyone.”

Compared with July, total domestic petroleum deliveries, a measure of US petroleum demand, decreased slightly by less than 0.1%. For year-to-date, total domestic petroleum deliveries moved up 1.0% compared to the same period last year.

Gasoline deliveries in August were the highest August level on record, up from the prior month, the prior year, and the prior year-to-date. Total motor gasoline deliveries, a measure of consumer gasoline demand, moved up 2.2% from August 2015, to average nearly 9.7 million bpd. Compared with July, total motor gasoline deliveries increased 0.1%. For year-to-date, total motor gasoline deliveries increased 2.4% compared with year-to-date 2015 to a record level near 9.4 million bpd.

Crude oil production increased 0.3% from July, but was down 9.2% from August 2015 to average 8.5 million bpd in August. However, this was the first month since this past March where production increased month over month. This was the third highest August level in 31 years, since 1985. For year-to-date, crude production was also down 6.1% compared with year-to-date 2015, but was the second highest year-to-date level in 31 years, since 1985.

US total petroleum imports in August averaged 10.7 million bpd, up 2.5% from the prior month and up 9.7% from the prior year. For year-to-date, total petroleum imports were also up by 6.9% compared with year-to-date 2015. Crude oil imports increased 9.8% from August 2015 to nearly 8.4 million bpd in August 2016. Compared with July 2016, crude oil imports were 3.6% higher. For year-to-date, crude imports were up 8.1% compared with year-to-date 2015.

Crude oil stocks ended in August at 515.1 million barrels – the highest August inventory level in 96 years, since 1920. Crude stocks were down 4.5 million barrels or 0.9% from the prior month, but were up 57.3 million barrels or 12.4% from the prior year. In August, total motor gasoline stocks ended at 231.2 million barrels, down 2.5% from the prior month but up 7.8% from prior year. August’s total motor gasoline stocks were the highest inventory level for the month of August for 35 years, since 1981, but were the lowest inventory level in 2016.

Adapted from press release by Rosalie Starling

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