Total petroleum deliveries (a measure of demand) increased by 2.2% from July 2014 to average almost 19.6 million b/d last month, according to the latest Monthly Statistical Report from the American Petroleum Institute (API).
API’s chief economist, John Felmy, commented: “[Demand] for and production of oil and refined products were the highest July in eight years, since 2007.”
Demand for gasoline and distillate increased last month from July 2014, by 2.1% (to just over 9.4 million b/d) and 1.1% respectively.
Crude oil production in the U.S. rose by 8.8% from July last year to average 9.5 million b/d – this is the highest July figure recorded since 1920. Production of natural gas liquids averaged almost 3.4 million b/d last month; this is the highest level ever recorded for July and in terms of overall production.
According to recent reports from Baker Hughes Inc., in July there were 866 oil and gas rigs within the U.S., representing a 53.7% decrease compared with the level one year ago.
Total U.S. petroleum imports averaged almost 9.4 million b/d last month, a 1% drop compared with the previous year. Crude imports were also down by 5.5% to average 7.2 million b/d.
Gasoline production recorded its second highest monthly level, reaching an average of almost 10 million b/d. Likewise, distillate fuel production increased by 1.6% compared with the previous year to reach an average of 5.1 million b/d.
An increase of 0.1% was recorded for refinery gross inputs last month to reach almost 16.9 million b/d; a record monthly level. For the fourth consecutive month this year, the refinery capacity utilization rate averaged over 90% in July, at 94%. API’s most recent refinery operable capacity was 17.956 million b/d.
Stocks of crude oil ended in July, averaging at almost 460 million barrels – the highest inventory figure recorded since 1930. Gasoline stock ended with a drop of 0.2% on last year’s figures to 216.5 million barrels. Jet fuel, distillate and “other oil” stocks all saw increases compared with last year.