API: US Petroleum demand rose in November


API: US Petroleum demand rose in November

Total petroleum deliveries in November moved up 2.2 percent to average 19.6 million barrels per day, and were the highest November deliveries in nine years, since 2007.

For year to date, total domestic petroleum deliveries moved up 0.6 percent compared to the same period last year. According to the Bureau of Labor and Statistics (BLS) December 2, 2016 report, the overall economy in the United States showed signs of improvement in November with an estimated 178,000 jobs added to the economy. The unemployment rate decreased by 0.3 percentage point, and the total number of unemployed persons declined 387,000 to 7.4 million.

Gasoline deliveries in November were down from the prior month, but up from the prior year, and the prior year to date. Total motor gasoline deliveries, a measure of consumer gasoline demand, moved up 0.6 percent from November 2015 to 9.2 million barrels per day. These were the lowest deliveries since January 2016, but remained the fourth highest November deliveries on record.

“Unemployment went down and gasoline prices stayed low in November, and the economy continues to show positive signs of growth heading into the new year,” said Chief Economist, Erica Bowman.

Domestic crude oil production in November was higher compared to the prior month, but was lower than the prior year, and the prior year to date. At an average of 8.7 million barrels per day, U.S. crude oil production in November decreased 6.5 percent from November 2015, but increased from October by 1.1 percent. November’s crude oil production was the third highest for the month and the second highest year to date in 31 years, since 1985.

U.S. total petroleum imports in November averaged nearly 10.4 million barrels per day, up 6.1 percent from the prior month, and up 13.1 percent from the prior year. November’s total petroleum imports were the highest in five years. Year to date total imports were up 7.1 percent to average 10.1 million barrels per day compared with year to date 2015. Meanwhile, crude oil imports in November were up compared with the prior year, increasing 9.1 percent from November 2015 to average 8.0 million barrels per day. Compared to the prior month, crude imports were up 4.8 percent. Compared to year to date 2015, crude imports were up 7.8 percent. Last month’s crude imports were the highest November imports in four years, since 2012.

Crude oil stocks (excluding lease stocks) ended in November averaging at nearly 485.8 million barrels–the highest November inventory level in 86 years, since 1930. Crude stocks were up 0.4 percent or 2.1 million barrels from the prior month, and were up by 6.5 percent or 29.8 million barrels from the prior year. Stocks of motor gasoline ended in November up 2.2 percent from last month and up 2.3 percent from last year to average 228.0 million barrels. These were the highest motor gasoline stocks for the month in 30 years, since 1986. Distillate fuel oil stocks were up 4.4 percent from the prior month, but were down 1.0 percent from the prior year to end at 155.6 million barrels– the second highest stocks for the month in 6 years, since 2010.

API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 30 million Americans.

Source: API

Source from : Oil & Companies News