Total US petroleum deliveries, a measure of demand, increased 4.2% from June 2014 to average 19.6 million b/d last month. In the second quarter, demand gained 3.7% compared with the same period last year.
“Demand for and production of oil and refined products grew almost across the board over the last year,” said API Chief Economist John Felmy. “Notably, gasoline demand last month reached the highest level since the summer of 2007.”
Gasoline demand in June averaged more than 9.3 million b/d, up 3.5% from June 2014 and the highest for any month since August 2007. Deliveries of gasoline in the second quarter increased 2.6% compared with last year.
Distillate deliveries were up 1.3% from the prior year to average 3.9 million b/d. Over the same period, demand rose for jet fuel (0.6%), residual fuel (3.1%), and “other oils” (8.9%).
At nearly 9.8 million b/d, US crude oil production in June increased 12.5% from the prior year, a new record level for the month of June and the highest for any other month since April 1971. In the second quarter, crude oil production increased 12.9% year-over-year.
Natural gas liquids production averaged nearly 3.4 million b/d, a new all-time record and 10.3% higher than the prior year. Production in the second quarter increased 11.4% over the same period in 2014.
According to the latest reports from Baker Hughes Inc., the number of oil and gas rigs in the US in June was 861, a drop of 3.1% from the previous month and 53.7% below the year-ago level.
US total petroleum imports in June averaged 9.1 million b/d, 3.3% higher than a year ago but the second lowest level for the month since 1993. Meanwhile, crude oil imports fell 1.1% to just below 7 million b/d.
Refinery gross inputs in June rose 5% from last year to a record high for the month at nearly 16.9 million b/d. Exports of refined petroleum products were up 12.6% over the same period to average nearly 4.7 million b/d, the highest June level ever.
The refinery capacity utilization rate last month averaged above 90% for the third time this year at 94.4%. This was up 2.4 percentage points from May, and up 4.1 percentage points from June 2014. API’s latest refinery operable capacity was 17.873 million b/d.
Crude oil stocks in June gained 22% from the prior year, averaging at 468.2 million bbl—the highest level for the month since 1930. Stocks of motor gasoline ended down 0.9% from last year to 216.9 million bbl. Distillate and jet fuel stocks were up from year ago levels while stocks of “other oils” fell.