January petroleum demand up 1.5 percent (includes Monthly Statistical Report)
Brian Straessle | 202.682.8114 | firstname.lastname@example.org
WASHINGTON, February 20, 2015 ─ Total U.S. petroleum deliveries (a measure of demand) increased last month by 1.5 percent from January 2014 to average 19.2 million barrels per day in January 2015. This was the highest January demand since 2008.
“Demand for crude and most refined products remained up from where it was a year ago,” said API Chief Economist John Felmy. “We also saw continued strength in production of oil and natural gas. While rig counts have dropped, an impact on production was not felt.”
Gasoline demand in January gained 6.3 percent from the prior year to average 8.7 million barrels per day–also the highest January demand since 2008. Over the same period, deliveries of jet fuel and “other oils” increased by 2.8 percent and 1.7 percent respectively. Demand dropped from January 2014 by 5.0 percent for distillate and 13.0 percent for residual fuel.
Crude oil production rose 15.4 percent from the prior year to average just below 9.2 million barrels per day. This was the highest output for any month since October 1973 and the highest January output since 1971. Natural gas liquids (NGL) production, a co-product of natural gas production, averaged above 3.1 million barrels per day, 18.7 percent higher than last year. This was the highest January NGL output on record.
According to the latest reports from Baker-Hughes, Inc., the average U.S. rig count for January 2015 was 1,683, down 199 from the 1,882 counted in December 2014. Last month’s count was the lowest since November 2010. The decline was primarily due to drops in California and Texas.
U.S. total imports in January reached their second lowest level since 1997, averaging 9.4 million barrels per day. This was a 1.6 percent increase from the prior year. Crude oil imports fell 1.5 percent from January 2014 to nearly 7.5 million barrels per day, the lowest level in nearly two decades. While refined product imports in January rose by 15.8 percent over the same period to 1.9 million barrels per day, this was the second lowest January imports level since 1998.
Refinery gross inputs gained 1.9 percent from January 2014 to average a new high for the month of 15.9 million barrels per day. Exports of refined petroleum products increased 8.1 percent during this period, averaging 4.3 million barrels per day. This was the highest January export level ever.
Gasoline and distillate production set new January records last month. Production of gasoline rose 4.3 percent from the prior year to average nearly 9.4 million barrels per day, while distillate production increased by 5.3 percent to nearly 4.9 million barrels per day.
The refinery capacity utilization rate averaged 89.5 percent last month, up 2.3 percentage points from January 2014 but down by 4.2 percentage points from the previous month. This was the highest rate for the month in 10 years. API’s latest refinery operable capacity was 17.805 million barrels per day.
Crude oil stocks rose 13.4 percent from last year to end the month at 412.6 million barrels–the highest January inventory level since 1930. Stocks of motor gasoline ended January down 0.9 percent from year ago levels. At 233.6 million barrels, these were the lowest inventories in five years. Stocks of distillate, jet fuel and “other oils” were all up 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 625 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 25 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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