By February 20, 2016 Read More →

American petroleum demand rises in Jan. to 19.4 million b/d

Record exports of refined petroleum products averaged 4.6 million b/d, up 0.8% compared to Jan. 2015

With global markets awash in crude oil, American demand rose 0.8 per cent in Jan. from the prior year to 19.4 million b/d, according to the American Petroleum Institute.

petroleum These were the highest January deliveries in eight years, since 2008, says the API.

Total motor gasoline deliveries, a measure of consumer gasoline demand, rose 1.4 per cent from average 8.8 million b/d, the highest Jan. demand since 2007.

At nearly 3.6 million b/d, distillate deliveries decreased by 14.5 per cent compared with Jan.

“Low crude oil and gasoline prices increased consumer demand in January,” said Erica Bowman, API chief economist.

“The industry also produced record amounts of gasoline for the month of Jan. that more than met rising consumer demand. Additionally, refineries found plenty of international buyers for excess production leading to a record-setting Jan. export level. This export market helps to minimize the trade deficit and keep manufacturing jobs here at home.”


API Chief Economist Erica Bowman

Crude oil production decreased 1.4 per cent from Jan. 2015 to average 9.2 million b/d.

Texas continued with high production, posting its highest ever Jan.

North Dakota production continued to decline for the fifth consecutive month from record high levels.

U.S. total petroleum imports averaged 9.9 million b/d, up 5.3 per cent from the prior year. Crude oil imports increased 8 per cent from January 2015 to 7.7 million b/d. Refined product imports in January declined by 3.3 per cent from the prior year to just under 2.2 million b/d.

Refinery gross inputs rose 2.5 per cent from January 2015 to reach a new high for the month, averaging 16.2 million b/d. Production of all four major products–gasoline, distillate, jet fuel and residual fuels—was higher than demand for those products.

Exports of refined petroleum products increased by 0.8 per cent in Jan. compared to Jan. 2015 to average 4.6 million b/d. This was the highest January export level ever.

Gasoline production averaged nearly 9.5 million b/d, up 1.6 per cent from the prior year.

Distillate fuel production declined by 4.8 per cent from Jan.

Refinery capacity utilization rate averaged 89.3 per cent in Jan., up 0.9 per centage points from the prior year. This was the highest rate for the month in 11 years. API’s latest refinery operable capacity was 18.130 million b/d.

Crude oil stocks ended Jan. at 501.6 million barrels–the highest January inventory level in 86 years, since 1930. Motor gasoline stocks rose 5.5 percent from year ago levels to their highest inventories in 34 years at 252.7 million barrels. Distillate fuel oil stocks ended at 161.5 million barrels, up 22.4 per cent from year ago levels. Jet fuel stocks were up from year ago levels, rising by 8.4 per cent to 41.7 million barrels. Stocks of “other oils” were also up.

Total inventories of all oils were up 13.7 per cent from year ago levels.

Posted in: News

Comments are closed.