U.S. petroleum demand in July reached the highest seasonal figure in four years, while crude oil production continued to grow, hitting its highest for the month in 28 years and sending crude imports to 19-year lows, industry group American Petroleum Institute said on Thursday.
Total petroleum deliveries, a measure of demand, rose 1.3 percent year-on-year to an average of nearly 19.3 million barrels per day (bpd) last month, the highest July deliveries in four years, API said.
Meanwhile, U.S. crude oil production rose 13.9 percent to 8.5 million bpd in July from the previous year, the highest July output level in 28 years.
Total petroleum imports last month fell 11.6 percent year-over-year to average 9.1 million bpd, while crude oil imports averaged 7.5 million bpd, a 7.2 percent drop from last year. Both figures represent a 19-year low for the month of July.
“Last month generated new records for many of the petroleum statistics we track,” said API Chief Economist John Felmy. “Refinery gross inputs, gasoline production, distillate production and exports of refined products all set new highs for the month of July. On the other side of the equation, imports of crude oil and refined products set multi-decade lows for the month.”
Imports of refined products fell 28 percent from the previous year to the lowest July import levels in 33 years at just below 1.6 million bpd.
Gasoline demand rose 1 percent year-on-year to average 9.1 million bpd, the highest level for the month since 2010. Demand also increased for distillate, jet fuel and “other oils.”
Deliveries of residual fuel, which have declined in recent years due to environmental restrictions and the relative cheaper price of natural gas, fell 49.4 percent from 2013 to a new low of 183,000 bpd, API said.
Meanwhile, gasoline production in July rose 6.6 percent to just under 10 million bpd, the highest July output on record and just 1.9 percent below the record high in June. Production of distillate fuel set a new July high at just over 5 million bpd, a 1.5 percent increase from 2013, API said.
U.S. refinery gross inputs in July rose 0.9 percent from last year to reach 16.6 million bpd. Exports of refined petroleum products increased 1.3 percent from the prior year to average 3.9 million bpd, also a July record, API said.
The report, which is compiled based on data from the group’s weekly reports, provides a more consolidated early glimpse of consumption and production trends in the world’s biggest oil consumer. Final U.S. government data, which includes hard figures for statistics including exports, is released only two months in arrears.
