Demand for petroleum rose in November (includes Monthly Statistical Report)
Carlton Carroll | 202.682.8114 | email@example.com
WASHINGTON, December 17, 2015 – Total petroleum deliveries, a measure of demand, rose 1.2 percent in November from year ago levels to average 19.6 million barrels per day, according to API’s Monthly Statistical Report for November 2015. These were the highest November deliveries in eight years, since 2007. Production of all four major products—gasoline, distillate, jet fuel and residual fuels—was higher than deliveries for those products, so refined products were exported.
“We continued to see strong demand for gasoline, but record refinery production actually outstripped demand for all four major petroleum products,” said API Director of Statistics Hazem Arafa. “Fortunately, other countries around the world are eager to buy from U.S. refineries.”
Total motor gasoline deliveries, a measure of consumer gasoline demand, rose 3.2 percent from November 2014 to just above 9.2 million barrels per day. Distillate deliveries in November decreased from November 2014 to average nearly 3.9 million barrels per day.
At an average of 9.1 million barrels per day, U.S. crude oil production in November fell 0.8 percent from November 2014. Natural gas liquids production, a co-product of natural gas production, in November averaged 3.3 million barrels per day, which was the highest for the month on record.
U.S. total petroleum imports in November averaged nearly 9.4 million barrels per day, up 4.1 percent from the prior year. Meanwhile, crude oil imports in November were up compared with the prior year, increasing by 6.7 percent from November 2014 to average nearly 7.8 million barrels per day.
At an average of 9.8 million barrels per day, production of gasoline in November was the highest level ever for the month. Production of distillate fuel in November rose by 2.1 percent from the prior year to reach an average output of 5.1 million barrels per day, the highest November level ever.
Refinery gross inputs in November increased by 0.8 percent from last year to reach a record high for the month at nearly 16.5 million barrels per day.
The refinery capacity utilization rate in November averaged 91.2 percent, down 0.7 percentage point from the same period last year. API’s latest refinery operable capacity was 18.083 million barrels per day, up 272 thousand barrels per day from last year’s capacity of 17.811 million barrels per day.
Crude oil stocks ended in November averaging at 488.6 million barrels–the highest inventory level for the month of November and for any month in 85 years, since 1930. Crude stocks were up 1.4 percent from the prior month and were up by 25.6 percent or 99.6 million barrels from the prior year. Stocks of motor gasoline ended up by 1.0 percent from last month but were down by 1.0 percent from last year to average 217.4 million barrels in November. These were the fourth highest motor gasoline stocks for the month in 21 years, since 1994. Distillate fuel oil stocks were up 17.3 percent from the prior year to end at 148.1 million barrels–the highest November inventory level in 5 years, since 2010. Jet fuel stocks were up by 4.2 percent from the prior year to end at 37.5 million barrels. Stocks of “other oils” were down from year ago levels. Total inventories of all oils were up by 11.6 percent from year ago levels.
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 650 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.
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