US sees monthly increase in production, demand for refined products
Total US petroleum deliveries (a measure of demand) rose 1.9% from May 2013 to average 18.9 million bpd last month, the American Petroleum Institute (API) trade group said in new figures released on Friday.
These were the highest May deliveries in six years.
Last month saw a continuation of recent trends, with strong demand and even stronger production resulting in falling import levels, said API chief economist John Felmy.
Gasoline demand gained 3.6% from May 2013 to average 9.3 million bpd, the highest level for the month since 2007. Demand increased for jet fuel by 0.6% and for distillate by 5.2% from the prior year to average 1.4 million bpd and just below 4.0 million bpd, respectively. Residual fuel deliveries fell over the same period by 13.5% to an all-time record low of 186,000 bpd, and demand for other oils fell 1.1% over year-ago levels.
US crude oil production increased by 14.7% from last May to 8.3 million bpd, the highest level for the month since 1987. According to the latest reports from Baker-Hughes, the number of oil and gas rigs in the US in May was 1,859, up 24 counts from April, and up by 92 counts from May 2013. This was the highest count since September 2012.
Total imports averaged just below 9.6 million bpd in May, falling by 4.5% from the prior year. Crude oil imports fell 1.9% over the same period to 7.6 million bpd. Both figures represent the lowest May levels in 19 years. Imports of refined products fell by 13.2% from last year to the lowest imports level in 18 years at 2.0 million bpd.
Gasoline production rose to a new all-time high of 10.3 million bpd the first time ever above 10.0 million bpd on an increase of 10.9% over May 2013s output. Production of distillate fuel reached the highest output level ever recorded for the month of May. The 5.0% increase from the prior year lifted distillate production to just over 5.0 million bpd.
At 16.1 million bpd, US refinery gross inputs were up 2.4% from last May to the highest level for the month since 2005. Exports of refined petroleum products were up by 10.9% from the prior year to average 3.8 million bpd. These were the highest exports for the month on record. The refinery capacity utilization rate averaged 89.7% in May. APIs latest refinery operable capacity was 17.934 million bpd.
Crude oil stocks ended at 382.9 million bbl, down by 2.4% from the prior year. Stocks of motor gasoline were down by 3.6% from last year to 213.7 million bbl in May. Distillate, jet fuel and other oils stocks were all down from year ago levels.
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