« Deutsche Telekom and Un-Blinking Technologies introduce iCar M2M solution for US car dealers and their customers | Main | Greenland grants exploration and exploitation licences in the Arctic Greenland Sea to three consortia »
API: US petroleum demand rose 4.9% in November; gasoline up 5.4%
21 December 2013
Total US petroleum deliveries (a measure of demand) increased by 4.9% from November 2012 to average 19.4 million barrels per day last month, according to figures from the American Petroleum Institute (API).
Last month’s increase in demand reflected gathering strength in the broader economy.—API Chief Economist John Felmy
Demand for gasoline rose 5.4% from November 2012 to average slightly more than 8.9 million barrels per day, while distillate deliveries increased by 3.7% to just under 4.0 million barrels per day. Over the same period, demand was up by 7.0% for jet fuel and by 10.3% for “other oils.” Residual fuel demand fell by 24.9% from last year to 243 thousand barrels per day, the lowest level on record for the month of November.
US gross refinery inputs increased by 3.2% from November 2012 as most refineries came back up from their scheduled turnaround and maintenance in the prior month. At 15.9 million barrels per day, they reached the second highest November level on record. Exports of refined petroleum products rose 6.0% from last year to 3.6 million barrels per day, the highest November level on record.
Gasoline production rose 3.1% from last year to 9.4 million barrels per day. This was the second-highest output on record and just 63 thousand barrels per day below the all-time high set in July 2010. For year-to-date, gasoline production increased by 2.1% compared with the same period last year and was the highest year to date on record.
Production of distillate rose 8.3% from November 2012 to an all-time high of 5.1 million barrels per day, the first time ever above 5.0 million barrels per day. Year to date distillate production also reached an all-time record of 4.7 million barrels per day.
Domestic crude oil production in November averaged above 8.0 million barrels per day for the first time in 25 years. US crude production increased by 13.8% from November 2012 to just over 8.0 million barrels per day. Natural gas liquids (NGL) production, a co-product of natural gas production, reached a new all-time high of just over 2.7 million barrels per day last month, an increase of 7.6 percent from November 2012. According to the latest reports from Baker-Hughes, Inc., the number of oil and gas rigs in the US in November was 1,756, up from October’s count of 1,744.
Crude oil stocks fell 1.0% from last November to end at 375.7 million barrels, the second highest inventory for the month on record. Stocks of motor gasoline ended down 1.4% from last year to 212.3 million barrels in November. Distillate fuel oil stocks were down 1.1% from year ago levels to end at 116.7 million barrels. This was the lowest inventory level for the month in 61 years, since 1952.
US total imports and crude oil imports fell to their lowest November levels in 17 years. Total imports dropped 5.7% from last year to average 9.6 million barrels per day while crude oil imports fell 5.4% to 7.7 million barrels per day in November. Imports of refined products sank 6.8% from November 2012 to 1.9 million barrels per day. This was the lowest imports level for the month in 14 years, since 1999.
The refinery capacity utilization rate averaged 89.3% in November, up 2.9 percentage points from October and 0.7 percentage points higher than the same period last year. API’s latest refinery operable capacity was 17.816 million barrels per day, up 2.3% from last year’s capacity of 17.408 million barrels per day.
TrackBack URL for this entry:
Listed below are links to weblogs that reference API: US petroleum demand rose 4.9% in November; gasoline up 5.4%: