Crude oil stocks at highest inventory level for Dec. since 1930
Total petroleum deliveries, a measure of consumer demand, in Dec. rose by 1.1 per cent from Dec. 2014 to average nearly 19.7 million barrels per day, according to API’s Monthly Statistical Report for Dec. 2015. These were the highest Dec. deliveries in five years.
“Low prices have helped drive demand for oil and gasoline over the last year,” said API Chief Economist Erica Bowman.
“In fact, demand for gasoline last month was the highest Dec. in eight years.”
In Dec., total motor gasoline deliveries rose 2 per cent from Dec. 2014 to average just above 9.1 million barrels per day. Distillate deliveries decreased by 12.7 per cent compared with Dec. 2014 to average 3.6 million barrels.
U.S. crude oil production in Dec. averaged just below 9.3 million barrels per day, down 1.4 per cent compared with Dec 2014. Dec. crude oil output remains the second highest output level for the month of Dec. in 43 years, since 1972.
Natural gas liquids (NGL) production, a co-product of natural gas production, averaged nearly 3.4 million barrels per day–the highest production for the month on Dec. on record. NGL production in Dec. was 6.5 per cent higher than year ago levels.
U.S. total petroleum imports increased from the prior year, rising 0.9 per cent. However, total petroleum imports remain the second lowest imports for the month of Dec. since 1997, averaging nearly 9.5 million barrels per day in Dec. Meanwhile, crude oil imports were up 4.6 per cent compared with the prior year to 7.6 million barrels per day.
U.S. gross refinery inputs fell 0.1 percent from December 2014. At 4.7 million barrels per day, exports of refined petroleum products were down 3.2 per cent from December 2014.
Gasoline production in Dec. was the second highest output for the month of December, averaging 9.7 million barrels per day.
This was down 2 per cent from Dec. 2014. At 5.1 million barrels per day, distillate production was down 3.7 per. compared to the prior year.
The refinery capacity utilization rate averaged 92.4 per cent in Dec., down 1.6 percentage points lower than year ago levels. API’s latest refinery operable capacity was 18.125 million barrels per day, up 1.8 percent from last year’s capacity of 17.811 million barrels per day.
Crude oil stocks reached their highest inventory level for the month of Dec. since 1930. At nearly 484.0 million barrels, crude stocks were up 23 percent or 90.6 million barrels higher than Dec. 2014.
Stocks of motor gasoline were down 4.7 per cent from Dec. 2014 to 229.0 million barrels. Distillate fuel oil stocks were up 14.7 per cent from year ago levels and ended at 156.3 million barrels–the highest inventory level for the month in five years, since 2010.
Jet fuel stocks were up 5.8 per cent from the prior year. Stocks of “other oils” were up from year ago levels. Total inventories of all oils were up by 11.8 per cent from year ago levels.