Member access

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

API - American Petroleum Institute : October petroleum demand down (includes Monthly Statistical Report)

11/16/2012 | 12:06pm US/Eastern
Bill Bush | 202.682.8114 | bushw@api.org

WASHINGTON, November 16, 2012 - Total U.S. petroleum deliveries (a measure of demand) were down 2.3 percent from October a year ago but increased 1.3 percent from this past September to 18.4 million barrels per day. Petroleum demand year to date was down 2.1 percent compared with a year ago. Demand for October 2012 was the lowest for any October since 1995.

Gasoline, distillate and residual fuel demand also declined in October versus a year ago, with gasoline demand falling slightly by 0.2 percent. In contrast, jet fuel demand was up 1.9 percent from October 2011. Year-to-date gasoline deliveries reached their lowest level since 2001. However, gasoline demand for October was up against the previous month by 0.6 percent to 8.6 million barrels per day (yet still the lowest October level since 2000).

"For many months, we've seen variations on the same theme: weak demand versus a year ago and some of the weaker demand numbers over the past decade," said API chief economist John Felmy. "The simple fact is that unemployment remains high and economic growth has been extremely modest. Petroleum demand is reflecting that."

Inputs to crude distillation units rose slightly by 0.7 percent from the prior month and by 0.3 percent from October 2011 to nearly 15.1 million barrels per day, the highest October level in five years.

Production of all four major products - gasoline, distillates, jet fuel, and residual fuels - was greater than demand for those products, so exports of refined petroleum products increased by 1.1 percent in October. From January through October 2012, refined product imports stayed below export levels. Crude oil imports fell by 4.5 percent to average just over 8.5 million barrels per day in October.

In October, refinery utilization held steady from the preceding month at 86.9 percent, but was up 2.0 percentage points from last year. Refinery operable capacity was 17.362 million barrels per day in October, up slightly from September 2012.

Crude oil production continued to grow, up 13.3 percent from October one year ago, to average 6.65 million barrels per day, the highest October level since 1994. It also was up from the prior month and prior year to date. North Dakota crude oil production, second only to Texas, was above 700,000 barrels per day for the third consecutive month and nearly 50 percent higher than in October 2011.

The number of oil and gas rigs decreased from 1,859 in September to 1,834 in October, according to the latest reports from Baker-Hughes, Inc., and has stayed below 2,000 every month in 2012.

Crude oil stocks were up 9.8 percent from October a year ago and up 2.1 percent from September 2012 to end at 371.7 million barrels. Stocks of all major products were down from last year's levels. Gasoline stocks were down 2.9 percent in October from a year ago but up 0.9 percent from the month before.

API is a national trade association that represents all segments of America's technology-driven oil and natural gas industry. Its more than 500 members - including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms - provide most of the nation's energy. The industry also supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers $86 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.

distributed by
React to this article
Latest news
Date Title
11:45a NEXANS : Bond issue project
11:45aDJCameron and Juncker Kick-Start U.K.'s Negotiations on EU Membership
11:45a Fitch Rates Galena Park ISD, Texas' ULT Rfdg Bonds 'AAA' PSF/'AA+' Underlying; Outlook Stable
11:44a ENTERGY : Pilgrim nuclear plant back online after $70M upgrade
11:44a COAL INDIA : plans to cut workforce by 30%; aims to reduce average age of executives from 47 to 30 in 5 years
11:44a DELEK : Update to the Non-Binding MOU for the Sale of Phoenix
11:44a SAN LEON ENERGY : Arbitration Award and Appeal
11:44a ATLAS IRON : Resignation of Director
11:44a KING RIVER COPPER : Exploration update
11:44a BLACKHAM RESOURCES : Rumble to Commence Drilling Zanthus Bedrock Conductors Fraser Range
Latest news
Advertisement
Hot News 
CATALYST MEDIA : Announcement by SIS
FINTEL ENERGIA : Serbia: Italy's Fintel to build wind farm
STARCOM : Notification of Major Interest in Shares
MAGAL SECURITY SYSTEMS USA : Reports First Quarter 2015 Financial Results
SFX ENTERTAINMENT : Enters into Definitive Agreement Whereby Robert F.X. Sillerman Will Acquire All Outstanding Shares for $5.25 Per Share in Cash
Most Read News
11:02a U.S. cable operator Charter to buy Time Warner Cable for $56 billion
01:43a ROYAL DUTCH SHELL A : PRESS: Decades Before Shell's Arctic Production Comes On Stream - FT
05/25 BARAKAH OFFSHORE PETROLEUM BHD : PBJV secures Shell jobs
05/25 AUSTRALIA AND NEW ZEALAND BANKING : ANZ and ETF Securities launch joint venture with six ASX listed exchange traded funds
08:01a EMC : To Acquire Virtustream
Most recommended articles
11:43aDJA Winter Contraction and Consumer Optimism on Tap--Data Week Ahead Update
11:38a U.S. likely to put pressure on EU at G7 to deal with Greece
11:36a Oil falls as dollar strengthens, ample supply weighs
11:36aDJCleveland Council to Be Briefed on Possible Police Probe Settlement
11:36aDJSupreme Court Sides With KBR, Halliburton on Lawsuit Time Limits