U.S. OIL PRODUCTION DOWN 8.9%
According to API, total petroleum deliveries in September increased 1.0 percent from September 2015, but were down 2.6 percent from August to average 19.6 million barrels per day. These September deliveries were the highest deliveries for the month in nine years, since 2007. For the third quarter of 2016, total petroleum deliveries, a measure of U.S. petroleum demand, decreased by 0.1 percent from the same period last year. For year to date, total domestic petroleum deliveries remained flat compared to the same period last year.
Gasoline deliveries in September were up from the prior year, the prior year's third quarter, and the prior year to date, but were down from the prior month. Total motor gasoline deliveries, a measure of consumer gasoline demand, moved up 1.1 percent from September 2015 to nearly 9.4 million barrels per day–the highest September deliveries on record.
"Even as the official driving season ended on Labor Day, gasoline deliveries for the month of September were the highest on record," said Erica Bowman, API chief economist. "It means the economy is moving in the right direction with more Americans working, driving, and shopping."
U.S. crude oil production declined 8.9 percent from year ago levels. However, at an average of 8.6 million barrels per day, domestic crude oil production in September increased by 0.8 percent from August–the first month over month increase in six months. Compared with year to date 2015, domestic crude oil production declined 6.1 percent. Compared to third quarter of 2015, crude oil production decreased 8.5 percent for the third quarter of 2016. September crude oil production was the third highest level for the month and the second highest year to date level in 31 years, since 1985.
U.S. total petroleum imports in September averaged just under 10.0 million barrels per day, down 7.1 percent from the prior month, but up 6.4 percent from the prior year. This was the third lowest for the month of September since 1996, in 20 years. Third quarter 2016 total imports were up 8.3 percent compared with the same period last year. Year to date total imports were up 6.3 percent to average 10.1 million barrels per day compared with year to date 2015. Meanwhile, crude oil imports increased 7.1 percent from September 2015, averaging at 7.7 million barrels per day. Compared with August, crude oil imports decreased by 7.7 percent. For the third quarter, crude imports were up 8.6 percent compared with the third quarter of 2015. For year to date, crude imports were up 7.7 percent compared with year to date 2015.
Crude oil stocks (excluding lease stocks) ended in September averaging at 468.6 million barrels. This was the highest September inventory level in 86 years, since 1930. Crude stocks were down by 3.3 percent from the prior month, but were up by 9.2 percent from the prior year. Stocks of motor gasoline ended in September down 2.6 percent from last month, and unchanged from last year, to end at 225.2 million barrels. These were the highest stocks for the month in 26 years, since 1990, but the lowest in 2016.
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