Petroleum demand last month highest for January since 2008 (includes monthly statistical report)
WASHINGTON, February 17, 2017 – Total petroleum deliveries moved up by 1.2 percent from the prior year to nearly 19.3 million barrels per day in January 2017. These were the highest January deliveries in nine years, since 2008.
The overall economy in the U.S. showed gains in January, adding 227,000 jobs according to the U.S. Bureau of Labor Statistics (BLS). The U.S. unemployment rate was little changed at 4.8 percent in January.
Gasoline deliveries in January were down from the prior year and the prior month. Total motor gasoline deliveries, a measure of consumer gasoline demand, decreased 2.6 percent from January 2016, to average 8.4 million barrels per day– the lowest demand in 36 months.
“2017 is off to a solid start. Consumers continued to save at the pump as gasoline prices remained steadily low and the economy grew, expanding for the 92nd consecutive month,” said Chief Economist, Erica Bowman.
Crude oil production increased 1.0 percent from December 2016, but was down by 2.5 percent from January 2016 to average almost 9.0 million barrels per day in January 2017. This was the third highest January since 1986. Natural gas liquids (NGL) production, a co-product of natural gas production, was up from both the prior month and prior year. NGL production in January averaged 3.5 million barrels per day, up 1.9 percent from last month and was 6.6 percent higher than last year. This was the highest January output level on record.
U.S. total petroleum imports in January averaged 10.7 million barrels per day, up 6.3 percent from the prior month and up 9.7 percent from the prior year. Crude oil imports in January were at their highest level since September 2012. Crude oil imports increased by 8.2 percent from January 2016, to 8.3 million barrels per day in January 2017.
Crude oil stocks ended in January at 499.5 million barrels– the highest January inventory level in 87 years, since 1930. Crude stocks were up 3.4 percent from the prior month, and were up 6.6 percent from the prior year. Total inventories of all oils were up 4.3 percent from year ago levels, and up 3.1 percent from month 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 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.
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