US oil demand rising in gasoline, down for jet fuel
US gasoline deliveries were up 0.9% in April to 8.8 million bpd, monthly trade data from the American Petroleum Institute (API) showed on Friday, continuing a positive domestic trend for the segment.
For the first four months of 2012, US gasoline demand is up 0.3% compared with the same period a year ago, the API said.
April distillate demand was up 1.3%. However, April jet fuel and residual fuel deliveries declined, leading to a 0.3% drop in overall petroleum demand for the month.
“The mixed demand picture reflects an improving but relatively weak economy,” said API chief economist John Felmy. “Millions remain out of work. The most recent BLS data showed job growth, but it was less than expected.”
Supplies of refined products were ample, with US gasoline production of 9.129 million bpd setting a record for any April and for any comparable year-to-date period.
Distillate fuel production at 4.27 million bpd was the second highest for any April and also a year-to-date record.
Refinery utilization was the same in April as a year ago. Total refinery inputs were up very slightly in April over last year.
US refinery production outpaced domestic demand for petroleum products, the API said. Exports of refined products increased 1.7% over the previous April.
Imports of crude oil and refined products fell in April by 9.2% to average 10.4 million bpd. Canadian crude imports decreased by 4.3%, falling just below 2 million bpd.
Domestic crude oil production rose by 6.6% in April to average 5.963 million bpd. Rising North Dakota production in March set a record at 551,000 bpd.
The number of oil and gas rigs increased from 1,979 in March to 2,119 in April, according to the latest reports from Baker-Hughes Inc.
In April, crude oil stocks at 374.8 million barrels were up 1.5% from last year and up 3.8% from March levels, according to the API.
Gasoline stocks were up 2.6% from April 2011 but down 5.4% from March of this year.
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