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US petroleum demand rises in August, highest since 2007 – API

August crude oil stocks ended at 515.1 million barrels–highest  inventory level in 96 years, since 1920

august

REUTERS/Kate Munsch

WASHINGTON – Total petroleum deliveries in Aug. moved up by 1.6 per cent from Aug. 2015 to average 20.1 million barrels per day. These were the highest Aug. 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 per cent. For year-to-date, total domestic petroleum deliveries moved up 1.0 per cent compared to the same period last year.

Gasoline deliveries in Aug. were the highest Aug. 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 per cent from Aug. 2015, to average nearly 9.7 million barrels per day.

Compared with July, total motor gasoline deliveries increased 0.1 per cent. For year-to-date, total motor gasoline deliveries increased 2.4 per cent compared with year-to-date 2015 to a record level near 9.4 million barrels per day.

Crude oil production increased 0.3 per cent from July, but was down 9.2 per cent from Aug. 2015 to average 8.5 million barrels per day in Aug.

However, this was the first month since this past March where production increased month over month. This was the third highest Aug. level in 31 years, since 1985.

For year-to-date, crude production was also down 6.1 per cent 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 Aug. averaged 10.7 million barrels per day, up 2.5 per cent from the prior month and up 9.7 per cent from the prior year.

For year-to-date, total petroleum imports were also up by 6.9 per cent compared with year-to-date 2015. Crude oil imports increased 9.8 per cent from Aug. 2015 to nearly 8.4 million barrels per day in Aug. 2016.

Compared with July 2016, crude oil imports were 3.6 per cent higher. For year-to-date, crude imports were up 8.1 percent 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 percent from the prior month, but were up 57.3 million barrels or 12.4 percent from the prior year.

In Aug., total motor gasoline stocks ended at 231.2 million barrels, down 2.5 per cent from the prior month but up 7.8 per cent from prior year.

Aug. total motor gasoline stocks were the highest inventory level for the month of Aug. for 35 years, since 1981, but were the lowest inventory level in 2016.

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Posted in: Energy News

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