API: US petroleum demand last month highest for May since 2007

According to monthly statistics from the American Petroleum Institute, total US petroleum deliveries in May moved up 4.9% from May 2016 to average 20.1 million b/d. These were the highest May deliveries in 10 years and the highest deliveries for any months in more than 9 years.

Compared with April, total US petroleum deliveries, a measure of US petroleum demand, increased 2.7%. Year-to-date, total US petroleum deliveries moved up 1.5% compared with the same period last year.

The overall US economy showed gains, adding 138,000 jobs in May, according to the latest US Bureau of Labor Statistics report. The US unemployment rate changed little at 4.3%. Deliveries of gasoline, distillate fuel, kerosene, residual fuel, and all other oils showed year-over-year increases.

“Strong demand for petroleum is a good sign for the economy which grew for the 96th consecutive month,” said Chief Economist Erica Bowman. “American workers and consumers continue to benefit from these positive economic signs along with relatively low fuel prices.”

Gasoline deliveries in May were up from the prior month and the prior year to reach a record high for the month of May. Total motor gasoline deliveries moved up 1.6% from May 2016 to average nearly 9.6 million b/d. Compared with April, total motor gasoline deliveries increased 3.4%.

Crude oil production was up from the prior month, the prior year, and the prior year-to-date to the highest output level for any month since October 2015. Crude oil production increased 0.9% from April and was up 5.1% from May 2016 to average 9.3 million b/d in May. This was the second-highest May output since 1972.

Year-to-date, crude production also was up 0.5% compared with year-to-date 2016.

Natural gas liquids production was up from the prior month and the prior year-to-date, but down from the prior year. NGL production in May averaged 3.5 million b/d, up 2.6% from last month and 2% higher than year-to-date 2016, but down 1.5% from last year. This was the second-highest May output level ever recorded.

US total petroleum imports in May averaged 9.9 million b/d, down 2.4% from the prior month and down 2.6% from the prior year. Year-to-date, total petroleum imports were up 2.3% compared with year-to-date 2016.

Crude oil imports decreased 3.4% from May 2016 to average nearly 7.7 million b/d in May. Compared with April, crude oil imports were 2.7% lower. Year-to-date, crude imports were up 1.9% compared with year-to-date 2016.

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