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Petroleum demand falls, gasoline demand rises

World Pipelines,

According to the API’s Monthly Statistical Report for October 2015 the total petroleum deliveries (a measure of demand) fell slightly in October by 0.3 % compared to the levels from a year ago. 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 US refineries.”

Compared to last years figures total motor gasoline deliveries rose 0.8 % to just above 9.2 million bpd and distillate deliveries decreased by 3.7 % to average 4.1 million bpd in October.

At an average of nearly 9.2 million bpd, US crude oil production in October increased 0.3 % 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 bpd, which was the highest for the month on record.US total petroleum imports in October averaged nearly 9.4 million bpd, up 5.5 % from the prior year. Meanwhile, crude oil imports in October rose 8.3 % from last year to average 7.7 million bpd.

Gasoline and distillate production rose to the highest level ever for the month. Production rose 3% from October 2014 to an average of 9.8 million bpd. Production of distillate fuel rose by 3.5% to reach an average output of 4.8 million bpd. The refinery capacity utilisation rate in October averaged 87.4% a 0.3% decrease from the same period last year.

Crude oil stocks ended in October averaging at nearly 482 million bbls, the highest October inventory level since 1930. Stocks of motor gasoline ended in October up by 5.7% from last year to average 215.2 million bbls. These were the highest motor gasoline stocks for the month in 25 years. Distillate fuel oil and jet fuel stocks were up while stocks of ‘other oils’ were down from the levels recorded a year ago levels.

Adapted from press release by Francesca Brindle

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