U.S. OIL DOWN 0.3%
Total petroleum deliveries (a measure of demand) fell slightly in October by 0.3 percent from year ago levels, according to API's Monthly Statistical Report for October 2015. Production of all four major products–gasoline, distillate, jet fuel and residual fuels was higher than deliveries for those products, so refined products were exported.
"October brought strong demand for gasoline, but record refinery production actually outstripped demand for all four major petroleum products," said API Chief Economist John Felmy. "Fortunately, the rest of the world is also eager to buy from U.S. refineries."
Total motor gasoline deliveries (a measure of demand) rose 0.8 percent from October 2014 to just above 9.2 million barrels per day. Distillate deliveries decreased by 3.7 percent from October 2014 to average 4.1 million barrels per day in October.
At an average of nearly 9.2 million barrels per day, U.S. crude oil production in October increased 0.3 percent from October 2014. October's crude oil production was the highest since 1973 and the highest year to date in 43 years, since 1972. Natural gas liquids production in October averaged nearly 3.3 million barrels per day, which was the highest for the month on record.
U.S. total petroleum imports in October averaged nearly 9.4 million barrels per day, up 5.5 percent from the prior year. Meanwhile, crude oil imports in October rose 8.3 percent from October 2014 to average 7.7 million barrels per day.
Gasoline and distillate production rose to the highest level ever for the month. Production rose 3 percent from October 2014 to an average of 9.8 million barrels per day. Production of distillate fuel rose by 3.5 percent to reach an average output of 4.8 million barrels per day.
The refinery capacity utilization rate in October averaged 87.4 percent. This was down 0.3 percent from the same period last year.
Crude oil stocks ended in October averaging at nearly 482 million barrels–the highest October inventory level in 85 years, since 1930. Stocks of motor gasoline ended in October up by 5.7 percent from last year to average 215.2 million barrels. These were the highest motor gasoline stocks for the month in 25 years, since 1990. Distillate fuel oil and jet fuel stocks were up while stocks of "other oils" were down from year 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 25 million Americans.
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