Petroleum demand rose in June (includes monthly statistical report)

WASHINGTON, July 21, 2016 – Total petroleum deliveries in June moved up by 2.8 percent from June 2015 to average 20.1 million barrels per day. These were the highest June deliveries in nine years, since 2007. Compared with May, total domestic petroleum deliveries, a measure of U.S. petroleum demand, increased 2.2 percent. For year-to-date, total domestic petroleum deliveries moved up 1.7 percent compared to the same period last year.

“The overall economy in the U.S. has showed gains for the fifth time in the year,” said Erica Bowman, API chief economist. “Gasoline deliveries in June were up from the prior month, the prior year, and the prior year-to-date to reach the highest June level on record and the highest year-to-date ever recorded.”

Total motor gasoline deliveries, a measure of consumer gasoline demand, moved up 2.7 percent from June 2015, to average over 9.6 million barrels per day. Compared with May 2016, total motor gasoline deliveries increased 2.1 percent.

Crude oil production was down from the prior month, the prior year, and the prior year-to-date to the lowest output level since May 2014. Crude oil production decreased 1.8 percent from May, and was down 7.4 percent from June 2015 to average 8.6 million barrels per day in June. This was the ninth consecutive monthly decline observed. For year-to-date, crude production was also down 5.4 percent compared with year-to-date 2015.

U.S. total petroleum imports in June averaged just below 9.8 million barrels per day, up 2.0 percent from the prior month and up 2.4 percent from the prior year, but remained the third lowest total petroleum imports for the month of June in 20 years, since 1996. For year-to-date, total petroleum imports were also up 4.3 percent compared with year-to-date 2015. Crude oil imports increased 2.3 percent from June 2015 to 7.5 million barrels per day in June 2016. Compared with May 2016, crude oil imports were 1.7 percent lower.

Crude oil stocks ended in June at 520.9 million barrels–the highest June inventory level in 86 years, since 1930. Crude stocks were down 15.7 million barrels or 2.9 percent from the prior month, but were up 51.4 million barrels or 10.9 percent from the prior year. In June, motor gasoline stocks ended at 237.4 million barrels, down 1.4 percent from the prior month but up 7.4 percent from prior year. June’s motor gasoline stocks were the highest inventory level for the month of June for 32 years, since 1984.

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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Monthly Statistical Report Summary (June 2016)

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Petroleum Facts at a Glance (June 2016)

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Monthly Import Statistics - April 2016 (latest available)

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