API: US petroleum demand last month highest for August since 2007
WASHINGTON — Total petroleum deliveries in August moved up by 1.3% from August 2016 to average 20.5 MMpbd, a report by the America Petroleum Institute (API) said. These were the highest August deliveries in 10 yr, since 2007. Compared with July, total domestic petroleum deliveries, a measure of US petroleum demand, decreased 0.6%. For year-to-date, total domestic petroleum deliveries moved up 1.3% compared to the same period last year.
The overall economy in the US showed gains in August, adding 156,000 jobs, according to the Bureau of Labor Statistics (BLS). The US unemployment rate and the number of unemployed persons increased slightly, up 4.4% and 7.1 MM, respectively.
“Strong economic growth is boosting petroleum demand,” said API Director of Statistics Hazem Arafa. “Meanwhile domestic production remains high allowing consumers and businesses to continue to enjoy relatively low fuel costs. This is a winning combination.”
Gasoline deliveries in August were down from the prior month, the prior year, and the prior year to date. Total motor gasoline deliveries, a measure of consumer gasoline demand, decreased 1.5% from August 2016, to average 9.5 MMbpd—but remained the fourth highest deliveries to date. Compared with July, total motor gasoline deliveries decreased 1.5%. For year-to-date, total motor gasoline deliveries decreased 0.3% compared with year-to-date 2016 to the second highest year-to-date level at 9.3 MMbpd. Distillate deliveries in August were up from the prior month, the prior year, and the prior year-to-date to reach the highest August deliveries in 10 yr and the highest deliveries since March. Distillate deliveries averaged 4.1 MMpbd, up 6.5% compared with August 2016, and were up 0.7% compared with July. For year-to-date, distillate deliveries increased 3.2% compared to year-to-date 2016.
US crude oil production remained above 9.0 MMbpd for the seventh consecutive month. Domestic crude oil production in August decreased from the prior month but was up from the prior year and the prior year-to-date to reach the second highest August output in 45 yr, since 1972. Domestic crude oil production decreased 1.3% from July but was up by 6.8% from August 2016 to average 9.3 MMbpd in August. For year-to-date, crude production increased 2.4% compared with year-to-date 2016, and was the second highest year-to-date level in 44 yr, since 1973.
Natural gas liquids (NGL) production, a co-product of natural gas production, was up from the prior month, the prior year, and the prior year-to-date to reach a record level. NGL production in August averaged 3.7 MMbpd, up 1.0% from last month, 8.6% from last year, and 2.9% from last year-to-date.
US total petroleum imports decreased 2.0% from July and decreased 6.4% from August 2016 to average just below 9.7 MMbpd in August. These were the lowest imports since November 2015. For year-to-date, total petroleum imports were up 1.6% compared with year-to-date 2016. Crude oil imports decreased 7.0% from August 2016 to nearly 7.5 MMbpd in August. These were also the lowest imports since November 2015. Compared with July, crude oil imports were 3.2% lower. For year-to-date, crude imports were up 3.1% compared with year-to-date 2016.
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