US petroleum demand rises in June to 20.1 million b/d, highest inventory since 1930

June crude oil stocks at 520.9 million barrels–the highest June inventory level in 86 years, since 1930

WASHINGTON, July 21, 2016 – Total petroleum deliveries in June moved up by 2.8 per cent from June 2015 to average 20.1 million barrels per day, according to the American Petroleum Institute.

These were the highest deliveries for the month in nine years, since 2007.

Compared with May, total domestic petroleum deliveries, a measure of US petroleum demand, increased 2.2 per cent.

“The overall economy in the US has showed gains for the fifth time in the year,” said Erica Bowman, API chief economist.

For year-to-date, total domestic petroleum deliveries moved up 1.7 per cent compared to the same period last year.

“Gasoline deliveries were up from the prior month, the prior year, and the prior year-to-date to reach the highest June level on record and the highest year-to-date ever recorded,” said Bowman.

Total motor gasoline deliveries, a measure of consumer gasoline demand, moved up 2.7 per cent from June 2015, to average over 9.6 million barrels per day.

Compared with May 2016, total motor gasoline deliveries increased 2.1 per cent.

Crude oil production was down from the prior month, the prior year, and the prior year-to-date to the lowest output level since May 2014.

Crude oil production decreased 1.8 per cent from May, and was down 7.4 per cent from June 2015 to average 8.6 million barrels per day in June.

This was the ninth consecutive monthly decline observed. For year-to-date, crude production was also down 5.4 per cent compared with year-to-date 2015.

US total petroleum imports averaged just below 9.8 million barrels per day, up 2.0 per cent from the prior month and up 2.4 per cent from the prior year, but remained the third lowest total petroleum imports for the month of June in 20 years, since 1996.

For year-to-date, total petroleum imports were also up 4.3 per cent compared with year-to-date 2015. Crude oil imports increased 2.3 per cent from June 2015 to 7.5 million barrels per day 2016.

Compared with May, crude oil imports were 1.7 per cent lower.

Crude oil stocks ended at 520.9 million barrels–the highest inventory level for the month in 86 years, since 1930 according to API.

Crude stocks were down 15.7 million barrels or 2.9 per cent from the prior month, but were up 51.4 million barrels or 10.9 per cent from the prior year.

Motor gasoline stocks ended at 237.4 million barrels, down 1.4 per cent from the prior month but up 7.4 per cent from prior year.

Motor gasoline stocks were the highest inventory level for the month of June for 32 years, since 1984.