U.S. OIL DEMAND UP
API - Total petroleum deliveries in July moved up by 4.9 percent from July 2016 to average nearly 20.7 million barrels per day. These were the highest July deliveries in 10 years, since 2007. Compared with June, total domestic petroleum deliveries, a measure of U.S. petroleum demand, increased 1.6 percent. For year-to-date, total domestic petroleum deliveries moved up 1.3 percent compared to the same period last year.
The overall economy in the U.S. showed gains in July, adding 209,000 jobs, according to the Bureau of Labor Statistics (BLS). The U.S. unemployment rate and the number of unemployed persons remained essentially unchanged at 4.3 percent and 7.0 million, respectively.
"Strong demand for petroleum is a good sign for the economy which grew for the 98th consecutive month," said API Director of Statistics Hazem Arafa. "American workers and consumer continue to benefit from these positive economic signs along with relatively low fuel prices."
Gasoline deliveries were up from the prior month and the prior year to reach an all-time high in July. Total motor gasoline deliveries, a measure of consumer gasoline demand, increased 1.0 percent from July 2016, to average nearly 9.7 million barrels per day. Compared with June, total motor gasoline deliveries increased 0.8 percent. For year-to-date, total motor gasoline deliveries decreased 1.0 percent compared with year-to-date 2016 to the second highest year-to-date level at 9.2 million barrels per day.
U.S. crude oil production continued to rise and was above 9.0 million barrels per day for the sixth consecutive month. Domestic crude oil production in July increased from the prior month, the prior year, and the prior year-to-date to reach its highest July output level in 45 years, since 1972. Domestic crude oil production increased 0.9 percent from June and was up by 8.6 percent from July 2016 to average 9.4 million barrels per day in July. For year-to-date, crude production increased 2.0 percent compared with year-to-date 2016, and was the second highest year-to-date level in 44 years, since 1973. Natural gas liquids (NGL) production, a co-product of natural gas production, was up from the prior month, the prior year, and the prior year-to-date. NGL production in July averaged nearly 3.7 million barrels per day, up 1.0 percent from last month, 2.6 percent from last year, and 3.1 percent from last year-to-date. This was the highest July output level on record.
U.S. total petroleum imports decreased 3.8 percent from June and decreased 6.2 percent from July 2016 to average just below 9.9 million barrels per day in July. These were the lowest imports for the year. For year-to-date, total petroleum imports were up 2.7 percent compared with year-to-date 2016. Crude oil imports decreased 4.8 percent from July 2016 to 7.7 million barrels per day in July. Compared with June, crude oil imports were 3.5 percent lower. For year-to-date, crude imports were up 3.9 percent compared with year-to-date 2016. Refined product imports decreased 4.8 percent from the prior month and decreased 10.9 percent from the prior year to nearly 2.2 million barrels per day in July. Compared with year-to-date 2016, refined product imports were down 1.4 percent. These were the lowest July imports in three years, since 2014.
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