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API: June witnesses rise in petroleum demand

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World Pipelines,

Total petroleum deliveries in June moved up by 2.8% from June 2015 to average 20.1 million bpd. These were the highest June deliveries in nine years, since 2007. Compared with May, total domestic petroleum deliveries, a measure of US petroleum demand, increased 2.2%. For year-to-date, total domestic petroleum deliveries moved up 1.7% compared to the same period last year.

“The overall economy in the US has showed gains for the fifth time in the year,” said Erica Bowman, API Chief Economist. “Gasoline deliveries in June were up from the prior month, the prior year, and the prior year-to-date to reach the highest June level on record and the highest year-to-date ever recorded.”

Total motor gasoline deliveries, a measure of consumer gasoline demand, moved up 2.7% from June 2015, to average over 9.6 million bpd. Compared with May 2016, total motor gasoline deliveries increased 2.1%.

Crude oil production was down from the prior month, the prior year, and the prior year-to-date to the lowest output level since May 2014. Crude oil production decreased 1.8% from May, and was down 7.4% from June 2015 to average 8.6 million bpd in June. This was the ninth consecutive monthly decline observed. For year-to-date, crude production was also down 5.4% compared with year-to-date 2015.

US total petroleum imports in June averaged just below 9.8 million bpd, up 2.0% from the prior month and up 2.4 % from the prior year, but remained the third lowest total petroleum imports for the month of June in 20 years, since 1996. For year-to-date, total petroleum imports were also up 4.3 % compared with year-to-date 2015. Crude oil imports increased 2.3% from June 2015 to 7.5 million bpd in June 2016. Compared with May 2016, crude oil imports were 1.7% lower.

Crude oil stocks ended in June at 520.9 million bbls – the highest June inventory level in 86 years, since 1930. Crude stocks were down 15.7 million bbls or 2.9% from the prior month, but were up 51.4 million bbls or 10.9% from the prior year. In June, motor gasoline stocks ended at 237.4 million bbls, down 1.4% from the prior month but up 7.4% from prior year. June’s motor gasoline stocks were the highest inventory level for the month of June for 32 years, since 1984.

Adapted from press release by Rosalie Starling

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