By DAVID BIRD
NEW YORK -- US oil demand rose 1.7% year-on-year in July to
18.925 million bpd, the strongest demand in the month in three
years, the American Petroleum Institute said Friday.
The July figure was a gain of 1.8% from a month earlier,
when oil demand in the world's biggest oil-consumering nation
fell to a 16-year low for the month of June.
Demand for gasoline, the nation's most widely used petroleum
product, increased 2.2% from a year-earlier, to 9.016 million
bpd. Despite the rise, gasoline use was the second lowest
during July in 13 years, the trade group said.
Demand for distillate fuel, the umbrella group for diesel
fuel and heating oil, rose 8% from a year earlier, to 3.835
million bpd, a six-year high for July. Within that figure,
demand for ultra-low sulfur diesel fuel, used to power trucks
and trains, was 9.1% higher at 3.661 million bpd.
Jet fuel use rose 2.3% from a year earlier, to 1.502 million
bpd, a four-year high for July. Demand heavy residual fuel,
which has been losing market share to cleaner-burning natural
gas, dropped 35.7% year-on-year to a record low for July of
US crude oil output climbed 17.4% from a year earlier to a
25-year July high of 7.498 million bpd, as new technology such as hydraulic
fracturing and horizontal drilling unlocks oil deposits trapped
in shale rock in several areas of the nation. API said crude
output was the highest of any month in 22 years.
Higher domestic output continued to reduce the need for
imported oil, the trade group said.
Crude oil imports fell 10.5% from a year earlier, to 7.706
million bpd, a 17-year low for July.
Refined products imports dropped 6% from July 2012, to 2.013
million bpd. Exports of products rose 6.3% from a year earlier,
to 3.413 million bpd, and were 11.1% above the June level, the
Refinery inputs of crude oil and feedstocks averaged 16.365 million
bpd, up 2.4% from a year earlier, and the highest in any month
in eight years.
Distillate output set a record high of 5.052 million bpd,
climbing 5.1% from June and 8.4% from a year earlier. Gasoline
output rose 4.2% from a year earlier, to 9.293 million bpd.
Crude oil stocks at the end of July were 366.8 million bbl,
down 3.2% from June and 0.8% below the year-earlier level that
was the highest July level since 1990. Gasoline stocks rose 8%
year-on-year in July, to 226.2 million bbl, a 24-year high for
Distillate stocks of 126.3 million bbl were up 4.6% from June,
and down 0.2% from a year earlier, at the lowest July level
since 2004. Within that figure, stocks of ultra-low sulfur
diesel fuel, at 105.6 million bbl, were up 11.2% from a year
earlier, at a two-year July high.
Dow Jones Newswires