By DAVID BIRD
NEW YORK -- US oil demand fell 1% in June to 18.727 million
bpd, the lowest level for the month in 16 years, the American
Petroleum Institute said Thursday.
In the second quarter, demand was 0.3% lower, at 18.593 million
Demand for gasoline, the most widely used petroleum product in
the world's biggest oil consumer, fell 1.9% from a year earlier
to a 12-year June low of 8.865 million bpd. Second-quarter
gasoline use was 2% lower than in the same period in 2012, at
8.775 million bpd.
"The latest data continues to reflect the uncertainty visible
in the broader economy," John Felmy, API's chief economist,
said in a statement. "Domestic crude production reached a
22-year June high last month, but demand remains
Demand for distillate fuel, the umbrella group for diesel fuel
and heating oil, rose 5.5% from a year earlier, to 3.935
million bpd. Within that figure, demand for ultra-low sulfur
diesel fuel, used to power trucks and trains, was 6.5% higher
at 3.72 million bpd. Second-quarter distillate use was up 4.1%
from a year earlier, at 3.878 million bpd.
Jet fuel use dropped 4.8% from a year earlier, to 1.47 million
bpd in June, while heavy residual fuel oil, which is losing
market share to cleaner-burning natural gas, saw record-low
June demand of 317,000 bpd, down 14.7% from a year earlier, the
US crude oil output climbed 15.3% from a year earlier to a
22-year June high of 7.221 million bpd. For the second quarter,
crude oil production averaged 7.287 million bpd, up 15.6% from
a year earlier, as new technology such as hydraulic
fracturing and horizontal drilling unlocked oil deposits
trapped in shale rock in several areas of the
Higher domestic output continued to reduce the need for
imported oil, the trade group said.
Crude oil imports fell 15.2% from a year earlier to a 19-year
June low of 7.721 million bpd, the trade group said.
Second-quarter crude imports were 12.2% below the same period
in 2012, at 7.789 million bpd.
Refined products imports dropped 7.6% from June 2012, to 2.193
million bpd. In the second quarter, products imports were 1.2%
above the year-earlier level, at 2.212 million barrels a
Total crude oil and refined products imports fell 13.6% from a
year earlier to a 17-year June low of 9.839 million
Refinery inputs of crude oil and feedstocks averaged topped 16
million bpd for the first time since August 2011 and were 0.6%
from a year earlier in June, at 16.078 million bpd. Distillate
output set a June record of 4.8 million barrels a day in June,
up 3.8% from a year earlier.
Exports of refined products averaged 3.072 million bpd in June,
down 4.3% from a year earlier, but were 0.3% above a year
earlier in the first half of the year, the API said.
Crude oil stocks at the end of June were 378.8 million bbl,
down 2.5% from May and 1.9% below a year earlier. Gasoline
stocks rose 8.1% year-on-year in June, to 224.6 million bbl and
were 1.1% higher than at the end of May. Distillate stocks of
120.8 million bbl were down 0.8% from May, but up 0.6% from a
Dow Jones Newswires