For the second straight month, industry sets numerous records meeting historic consumer demand for U.S. energy
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WASHINGTON, February 14, 2019 – Coming off a remarkable December, the energy industry kicked off 2019 with record-setting numbers. The American Petroleum Institute’s latest Monthly Statistical Report (MSR) shows the U.S. natural gas and oil industry set multiple records in January, including:
- Strongest gasoline demand (8.9 million barrels per day, mb/d) for the month January on record since 1945.
- Record refinery and petrochemical demand for other oils’ in any month (5.7 mb/d)
- U.S. production of crude oil (11.9 mb/d) and natural gas liquids (NGLs) (4.9 mb/d)
- Refinery throughput (17.3 mb/d) and capacity utilization (93.1 percent) for the month of January.
“The U.S has continued to meet virtually all of the growth in global oil demand, more than compensating for sanctioned Venezuelan crude and reduced OPEC production,” said API Chief Economist Dean Foreman. “America’s strong production has continued to keep fuel prices low benefiting consumers, businesses and our allies overseas.”
Despite strong domestic demand, total U.S. petroleum inventories in January were 5.8 percent above their historical 5-year average. Notably, however, U.S. petroleum exports decreased to 7.5 mb/d with lower exports of crude oil and refined products, which may be indicative of slowing global oil demand and economic growth.
U.S. leading economic indicators gave mixed signals in January. However, one measure of international shipping activity – the Baltic Dry Index – was clear and fell by 47.4 percent m/m between the end of December and January. The only larger declines on record were during the Financial Crisis, in October and November 2008.
On the domestic economic front, API’s Distillate Economic and Financial Indicator (DEFI) as unveiled last month combines industry fundamentals from the Monthly Statistical Report (MSR) with oil prices and interest rates into an indicator of U.S. industrial production and economic growth. Based on data through January, DEFI’s growth year-over-year slowed by 0.3 percentage points for the second consecutive month.
For more information on the monthly reports, please visit our Energy Tomorrow blog and API website, where the reports are now available to view and share.
API represents all segments of America’s oil and natural gas industry. Our more than 600 members produce, process and distribute most of the nation’s energy. The industry supports more than ten million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. API was formed in 1919 as a standards-setting organization. In our first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.
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