US gasoline demand rises to post-2007 high: API

Total US petroleum deliveries (a measure of demand) grew by 4.2% from June 2014 to average 19.6 million bpd last month, according to new figures from the American Petroleum Institute (API) trade group.

In the second quarter, demand increased by 3.7% compared to the same period last year.

“Demand for and production of oil and refined products grew almost across the board over the last year," said API chief economist John Felmy. “Notably, gasoline demand last month reached the highest level since the summer of 2007.”

Gasoline demand rose last month by 3.5% from June 2014 to average over 9.3 million bpd. These deliveries were the highest for any month since August 2007. Deliveries of gasoline in the second quarter increased by 2.6% compared to last year.

Distillate deliveries were up 1.3% from the prior year to average 3.9 million bpd. Over the same period, demand rose for jet fuel (0.6%), residual fuel (3.1%) and “other oils” (8.9%).

At nearly 9.8 million bpd, US crude oil production in June increased by 12.5% from the prior year. This was a new record level for the month of June and the highest for any other month since April 1971. In the second quarter, crude oil production gained 12.9% year-over-year. 

Natural gas liquids (NGL) production set a new all-time record last month, averaging nearly 3.4 million bpd. This was 10.3% higher than the prior year. Production in the second quarter increased by 11.4% over the same period in 2014.

According to the latest reports from Baker-Hughes, the number of oil and gas rigs in the US in June was 861, a drop of 3.1% from the previous month and 53.7% below the year ago level. Last month’s count was the lowest count since January 2003.

US total petroleum imports in June averaged 9.1 million bpd, 3.3% higher than a year ago but the second lowest level for the month since 1993. Meanwhile, crude oil imports fell 1.1% to just below 7.0 million bpd – falling below that mark for only the second time since February 1996.

Gasoline production fell by 0.3% from June 2014 to average 9.9 million bpd. Production of distillate fuel rose by 3.5% during that time to nearly 5.1 million bpd, the highest June level ever. Year-to-date production of both gasoline and distillate set new all-time records.

Refinery gross inputs in June rose by 5.0% from last year to a record high for the month at nearly 16.9 million bpd. Exports of refined petroleum products were up by 12.6% over the same period to average nearly 4.7 million bpd -- the highest June level ever.

The refinery capacity utilization rate last month averaged above 90.0% for the third time this year at 94.4%. This was up 2.4 percentage points from May, and up 4.1 percentage points from June 2014. API’s latest refinery operable capacity was 17.873 million bpd.

Crude oil stocks in June gained 22.0% from the prior year, averaging at 468.2 million bbl -- the highest level for the month since 1930. Stocks of motor gasoline ended down 0.9% from last year to 216.9 million bbl. Distillate and jet fuel stocks were up from year ago levels while stocks of “other oils” fell.

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