U.S. OIL DEMAND UP
Total petroleum deliveries (a measure of demand) in August rose by 0.8 percent from August 2014 to average nearly 19.6 million barrels per day, according to API's Monthly Statistical Report for August 2015. August crude oil production was the highest level for the month and the highest year to date level in 43 years, since 1972.
"U.S. crude oil and gasoline production soared to record highs in August as the industry finds innovative ways to increase production even as crude prices have fallen," said API Director of Statistics Hazem Arafa. "In fact, demand for and production of oil and refined products were the highest August in five years, since 2010."
For year to date, total domestic petroleum deliveries rose 2.2 percent compared to the same period last year.
Total motor gasoline deliveries, a measure of consumer gasoline demand, rose 1.1 percent from August 2014 to just above 9.4 million barrels per day. These were the highest deliveries since 2007. For year to date, gasoline deliveries rose 2.6 percent compared with year to date of 2014.
Distillate deliveries in August fell 3.0 percent from August 2014. For year to date, distillate deliveries fell 0.2 percent compared with year to date 2014, to just above 4.0 million barrels per day.
U.S. crude oil production rose above 9.0 million barrels per day for the 11th month in a row. At an average of 9.3 million barrels per day, domestic crude oil production in August rose 5.4 percent from August 2014. Compared with year to date 2014, domestic crude oil production rose by 10.6 percent.
Natural gas liquids (NGL) production rose from the prior year, averaging nearly 3.3 million barrels per day–the highest August level on record. Compared with year to date 2014, NGL production rose by 9.0 percent.
According to the latest reports from Baker-Hughes, Inc., the number of oil and gas rigs in the U.S. posted for the first time in four months a month over month increase to 894 in August. This was up 3.2 percent from the previous month but remained below year-ago levels for the eighth straight month, down by 53.0 percent.
U.S. total petroleum imports in August averaged nearly 9.9 million barrels per day, up by 5.5 percent from the prior month, and up 6.1 percent from the prior year. Meanwhile, crude oil imports fell slightly by 0.1 percent from August 2014 to their lowest level for the month of August in 20 years, averaging at nearly 7.5 million barrels per day.
Production of gasoline in August reached a new high averaging nearly 10.1 million barrels per day. For the first time ever, gasoline production rose above 10.0 million barrels per day, up 3.3 percent from year ago levels.
Refinery gross inputs in August increased by 1.5 percent from last year to reach a record high for the month of August averaging nearly 17.0 million barrels per day. For year to date, refinery gross inputs were up by 2.0 percent compared with year to date 2014.
The refinery capacity utilization rate in August averaged above 90 percent for the fifth consecutive month this year at 94.3 percent. This was up 0.6 percent from the same period last year. API's latest refinery operable capacity was 17.982 million barrels per day, up 147 thousand barrels per day from last year's capacity of 17.835 million barrels per day.
Crude oil stocks ended in August averaging at nearly 458.1 million barrels. Though this was the lowest inventory level since February, the August inventory level remained the highest inventory level in 85 years, since 1930. Stocks of motor gasoline ended in August were down by 0.9 percent from last month, but were up by 1.1 percent from last year, to end at 214.5 million barrels. These were the highest stocks for the month in two years. Distillate fuel oil, Jet fuel and "other oils" stocks were also up 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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