API: Gasoline deliveries at record high

Total motor gasoline deliveries, a measure of consumer gasoline demand, moved up 2.4% from July 2015, to average nearly 9.7 million bpd. Compared with June 2016, total motor gasoline deliveries increased 0.3%. For year to date, total motor gasoline deliveries increased 2.5% compared with year to date 2015 to a record level just above 9.3 million bpd.

“Gasoline deliveries, a measure of consumer demand, hit their highest level on record in July,” said Erica Bowman, API Chief Economist. “With this indication of increased demand, it’s clear that consumers have continued to benefit from lower gasoline prices at the pump.”

Total petroleum deliveries in July moved up by 0.8% from July 2015 to average 20.1 million bpd. These were the highest July deliveries in nine years, since 2007. Compared with June, total domestic petroleum deliveries, a measure of US petroleum demand, increased slightly by less than 0.1%. For year to date, total domestic petroleum deliveries moved up 1.1% compared to the same period last year.

Crude oil production was down from the prior month, the prior year, and the prior year to date as production continued to slow down and reached its lowest output level for any month since March 2014. Crude oil production decreased 1.9% from June, and was down 10% from July 2015 to average 8.5 million bpd in July.

US total petroleum imports in July averaged just below 10.5 million bpd, up 6.8% from the prior month and up 9.9% from the prior year, but was the fourth lowest total petroleum imports for the month of July in 19 years, since 1997.

At 10.2 million bpd, gasoline production for the month of July reached its highest level for any month on record. This was up by 1.9% from the prior year, and up 1.3% from the prior month. For year to date, gasoline production increased by 1.9% compared to the same period last year and was the highest year to date on record.

Refinery gross inputs moved down 0.7% from July 2015, but remained the second highest inputs for the month of July, averaging 17.1 million bpd. Compared to June 2016, refinery gross inputs were up 1.9%.

Adapted from press release by Francesca Brindle

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/22082016/api-gasoline-deliveries-in-july-record-high-3951/