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