Total petroleum deliveries (a measure of demand) grew by 2.2% from July 2014 to average nearly 19.6 million barrels per day last month, according to the American Petroleum Institute’s (API’s) Monthly Statistical Report for July 2015. Demand for and production of oil and refined products were the highest July in eight years, since 2007, said API Chief Economist John Felmy.
Gasoline demand rose last month by 2.1% from July 2014 to just above 9.4 million barrels per day, and distillate demand rose 1.1%.
At an average of 9.5 million barrels per day, US crude oil production increased by 8.8% from July 2014. This was the highest July level since 1920 for crude oil production.
Natural gas liquids production averaged nearly 3.4 million barrels per day, which was the highest for the month on record and set the new all-time record production level.
According to the latest reports from Baker-Hughes, Inc., the number of oil and gas rigs in the U.S. in July was 866, 53.8% below the year ago level. Last month’s count was the second lowest count since January 2003.
US total petroleum imports in July averaged nearly 9.4 million barrels per day, down 1.0% from the prior year. Meanwhile, crude oil imports in July were down compared with the prior year, falling by 5.5% from July 2014 to average 7.2 million barrels per day.
At an average of nearly 10.0 million barrels per day, production of gasoline in July was the second highest level ever for the month. Production of distillate fuel in July rose by 1.6% from the prior year to reach an average output of 5.1 million barrels per day, the second highest July level ever.
Refinery gross inputs in July rose by 0.1% from last year to reach a record high for the month at nearly 16.9 million barrels per day. Exports of refined petroleum products were up over the same period. The refinery capacity utilization rate in July averaged above 90.0% for the fourth consecutive time this year at 94.0%. API’s latest refinery operable capacity was 17.956 million barrels per day.