Petroleum demand rose in August (includes monthly statistical report)

WASHINGTON, September 16, 2016 – Total petroleum deliveries in August moved up by 1.6 percent from August 2015 to average 20.1 million barrels per day. These were the highest August deliveries in nine years, since 2007.

“When petroleum demand grows it’s a sign the economy is on the right track,” said Erica Bowman, API chief economist. “The overall economy showed gains for the seventh time in the year, adding 151,000 jobs in August which is good news for everyone.”

Compared with July, total domestic petroleum deliveries, a measure of U.S. petroleum demand, decreased slightly by less than 0.1 percent. For year-to-date, total domestic petroleum deliveries moved up 1.0 percent compared to the same period last year.

Gasoline deliveries in August were the highest August level on record, up from the prior month, the prior year, and the prior year-to-date. Total motor gasoline deliveries, a measure of consumer gasoline demand, moved up 2.2 percent from August 2015, to average nearly 9.7 million barrels per day. Compared with July, total motor gasoline deliveries increased 0.1 percent. For year-to-date, total motor gasoline deliveries increased 2.4 percent compared with year-to-date 2015 to a record level near 9.4 million barrels per day.

Crude oil production increased 0.3 percent from July, but was down 9.2 percent from August 2015 to average 8.5 million barrels per day in August. However, this was the first month since this past March where production increased month over month. This was the third highest August level in 31 years, since 1985. For year-to-date, crude production was also down 6.1 percent compared with year-to-date 2015, but was the second highest year-to-date level in 31 years, since 1985.

U.S. total petroleum imports in August averaged 10.7 million barrels per day, up 2.5 percent from the prior month and up 9.7 percent from the prior year. For year-to-date, total petroleum imports were also up by 6.9 percent compared with year-to-date 2015. Crude oil imports increased 9.8 percent from August 2015 to nearly 8.4 million barrels per day in August 2016. Compared with July 2016, crude oil imports were 3.6 percent higher. For year-to-date, crude imports were up 8.1 percent compared with year-to-date 2015.

Crude oil stocks ended in August at 515.1 million barrels–the highest August inventory level in 96 years, since 1920. Crude stocks were down 4.5 million barrels or 0.9 percent from the prior month, but were up 57.3 million barrels or 12.4 percent from the prior year. In August, total motor gasoline stocks ended at 231.2 million barrels, down 2.5 percent from the prior month but up 7.8 percent from prior year. August’s total motor gasoline stocks were the highest inventory level for the month of August for 35 years, since 1981, but were the lowest inventory level in 2016.

API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 650 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 30 million Americans.

Downloads

Monthly Statistical Report Summary (August 2016)

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Petroleum Facts at a Glance (August 2016)

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Monthly Import Statistics - June 2016 (latest available)

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