April Petroleum Demand Hits 4-Year High (includes Monthly Statistical Report)

WASHINGTON, May 22, 2014 ─ Total U.S. petroleum deliveries (a measure of demand) rose 2.3 percent from April 2013 to average nearly 19.0 million barrels per day last month. These were the highest April deliveries in four years.

“April brought strong year-over-year growth in both the production and refining sectors,” said API Chief Economist John Felmy. “The oil and natural gas industry continues to provide a solid base for growth in the larger economy.”

Gasoline demand gained 2.7 percent and distillate deliveries gained 8.8 percent from April 2013 to average 9.0 million barrels per day and 4.2 million barrels per day, respectively. Demand for jet fuel dropped to the second lowest April level in 19 years while residual fuel deliveries were the lowest on record for the month. Deliveries of “other oils” for April showed a slight drop over year-ago levels.

At nearly 8.3 million barrels per day, U.S. crude oil production increased by 12.6 percent from April 2013 to the highest level for the month since 1988. According to the latest reports from Baker-Hughes, Inc., the number of oil and gas rigs in the U.S. in April was 1,835, up 32 counts from March and was up by 80 counts from April 2013. This was the highest count since September 2012.

Total imports in April averaged 10.1 million barrels per day, 0.6 percent higher than last year and the second lowest level in 17 years. Crude oil imports averaged 8.0 million barrels per day, up 3.7 percent from last year, while imports of refined products fell 9.4 percent from April 2013 to 2.1 million barrels per day, the second lowest level for the month in 16 years.

Gasoline production set a new all-time record last month, gaining 9.2 percent from April 2013’s output to 9.8 million barrels per day. Distillate production rose 12.1 percent from last year to the highest April level on record, approximately 5.0 million barrels per day.

New April records were also set for refinery gross inputs and exports of refined products. Compared to last year, refinery gross inputs grew 5.1 percent to 16.1 million barrels per day, and exports of refined petroleum products gained 16.0 percent to average 3.7 million barrels per day. The refinery capacity utilization rate averaged 89.7 percent in April. API’s latest refinery operable capacity was 17.922 million barrels per day.

Crude oil stocks ended at 390.0 million barrels, down 1.5 percent from last year but still the second highest April inventory level in 31 years. Stocks of motor gasoline were down by 2.3 percent from last year to 216.0 million barrels. Distillate, jet fuel and “other oils” stocks were all down from year ago levels.

API is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry. Its more than 600 members – including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms – provide most of the nation’s energy and are backed by a growing grassroots movement of more than 24 million Americans. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy, delivers $84 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.

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Monthly Statistical Report - April 2014

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Petroleum Facts at a Glance - April 2014

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Monthly Import Statistics - February 2014 (latest available)

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