Total US petroleum deliveries, a measure of consumer demand, gained 2% in February from year-ago levels to average 19.8 million b/d, according to the American Petroleum Institute’s monthly statistics. These were the highest February deliveries in 8 years.
“Low gasoline prices continued to drive up demand in February,” said Hazem Arafa, API director of statistics. “In fact, gasoline demand rose to a new all-time record for the month as drivers took advantage of the low prices.”
Motor gasoline deliveries rose 5.2% from February 2015 to 9.1 million b/d, marking the highest deliveries for the month on record. February distillate deliveries were down from the prior year by 17% to average nearly 3.8 million b/d.
Crude oil production fell 3.6% from February 2015 to average 9.1 million b/d last month.
US total petroleum imports for the month averaged nearly 9.9 million b/d, up 6.7% from year-ago levels. Refined product imports in February increased 6.1% to 2.3 million b/d.
In February, gasoline production averaged 9.9 million b/d, up 3.2% from year-ago levels, while distillate fuel production declined 3.3%. API’s latest refinery operable capacity was 18.174 million b/d. Refinery gross inputs increased 1.7% from February 2015 to reach a new high for the month, averaging 15.9 million b/d.
Exports of crude oil and refined products increased 6% to average just below 5 million b/d—the highest February export level ever.
Crude oil stocks ended February at 519.6 million bbl, up 16% from a year ago to the highest February inventory level since 1930. Stocks of motor gasoline ended the month at 252.4 million bbl, up 4.9% from the prior year. Distillate fuel oil stocks rose 32.2% from the same period last year to end at 162.8 million bbl—the highest February inventory level in 35 years. Jet fuel stocks rose 10.2% to end at 42.5 million bbl. Stocks of “other oils” were down from year-ago levels.