US fuel demand shows recent improvements - API
Total US petroleum deliveries rose 0.5% in May over the same month last year to 18.5 million bpd, according to monthly data from the American Petroleum Institute (API) trade group.
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Gasoline demand was up 0.4%, but, for the first five months of 2012, was 0.6% below the same period a year ago.
May distillate demand was up 2.0%, though down 1.5% for the first five months. Jet fuel demand rose in May.
“Despite the positive movement, fuel demand is still not strong,” said API chief economist John Felmy.
“Weak growth in the United States, stubborn unemployment, and a world economy doing little better than treading water are contributing to this. Gradually improving vehicle fuel efficiency may also be a factor.”
Supplies of refined products were ample. US refinery production of all four major products - gasoline, distillate, jet fuel and residual fuels - outpaced domestic demand, the API said.
US gasoline production of 9.092 million bpd was above 9.0 million bpd for the second month in a row and at the third highest May level.
Refinery utilization was 85.9% for the month, up 0.4 percentage points from May 2011. Total refinery inputs in May were 0.7% higher than last year.
Exports of refined products increased 19.3% this May over a year ago, the API said.
Imports of crude oil and refined products fell in May by 10.4% to average 10.5 million bpd. Imports of crude oil declined in May by 1.3% to average 8.9 million bpd.
Canadian crude imports made up nearly 23% of total crude oil imports for the month.
Domestic crude oil production rose by 8.5% in May to average 6.1 million bpd. North Dakota production in May set a record at 574,000 bpd, eclipsing production from Alaska, which fell 5.0% to 572,000 bpd.
At the end of May, crude oil stocks at 384.1 million bbl were up 3.9% from last year and up 2.5% from April levels.
Gasoline stocks posted declines for the month, down 4.0% from a year ago and down 2.3% from month ago levels.
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