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US monthly crude, fuel imports hit historic low as domestic output rises

07.17.2014  | 

“A wide range of measures show continued strength in petroleum demand and domestic supply last month with imports around 20-year lows,” said John Felmy, chief economist at the API.

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By MARK SHENK
Bloomberg

Total US imports of crude and fuel in June dropped to the lowest level for the month since 1993 as domestic production surged, the American Petroleum Institute said.

Imports were below 10 million bpd for a 10th consecutive month, the industry-funded group said Thursday in a monthly report. Total imports dropped 5.7% from a year earlier to 9.23 million bpd.

“A wide range of measures show continued strength in petroleum demand and domestic supply last month with imports around 20-year lows,” John Felmy, chief economist at the API in Washington, said in the report.

US crude oil output increased 16% to 8.35 million bpd, the highest for June since 1986. Output of natural gas liquids, a byproduct of gas drilling, climbed 18% to a record 2.94 million.

Production of gasoline advanced 7.6% to 10.1 million bpd last month, a record for June and the second-highest level ever. Output of distillate fuel rose 2.5% to 4.91 million, a record for the month of June.

Total deliveries of petroleum products, a measure of demand, climbed 1.5% from a year earlier to 19 million bpd in June. It was the lowest level for the month since 2011. Demand increased for gasoline, distillate fuel and jet fuel.

Gasoline consumption increased 4% to 9.32 million bpd, the highest level for June since 2007. Demand for distillate fuel, which includes diesel and heating oil, climbed 3% to 3.78 million. Jet fuel consumption surged 8.4% to 1.55 million.

Demand for residual oil, used for commercial and industrial heating, electricity generation and ship propulsion, dropped 11% to 270,000 bpd.



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