API says April petroleum demand highest since 2008

WASHINGTON -- Total petroleum deliveries in April moved up by 1.7% from April 2016 to average 19.6 MMbpd. These were the highest April deliveries in nine years, since 2008. Compared with March, total domestic petroleum deliveries, a measure of U.S. petroleum demand, decreased 0.3%. For year to date, total domestic petroleum deliveries moved up slightly by 0.1% compared to the same period last year to average 19.4 MMbpd.

The overall economy in the U.S. showed gains for the fourth time in the year, adding 211,000 jobs in April, according to the latest U.S. Bureau of Labor Statistics (BLS) report. The U.S. unemployment rate was little changed at 4.4%, and the number of unemployed persons was little changed at 7.1 million.

“The manufacturing sector expanded in April while the overall economy grew for the 95th consecutive month,” said Chief Economist, Erica Bowman. “These positive economic signs along with relatively low fuel prices have benefited American consumers and workers.”

Gasoline deliveries in April were up from the prior month and the prior year, but down from the prior year to date. Total motor gasoline deliveries, a measure of consumer gasoline demand, moved up 0.6% from April 2016, to average nearly 9.3 MMbpd–the highest April deliveries on record. Compared with March 2017, total motor gasoline deliveries increased 0.4%.

At 9.2 MMbpd, crude oil production was the second highest April output in 44 years, since 1973. Crude oil production increased 1.0% from March, and up by 3.4% from April 2016. This was the highest for any month in 17 months, since November 2015. For year to date, crude production was also up 2.2% compared with year to date 2016. Natural gas liquids (NGL) production, a co-product of natural gas production, was down from the prior year, but up from the prior month and the prior year to date. NGL production in April averaged nearly 3.5 MMbpd, down 1.5% from last year, but up 0.4% from last month and up 1.4% from the prior year to date. This was the second highest April output level on record.

U.S. total petroleum imports in April averaged nearly 10.2 MMbpd, up 1.6% from the prior month and were up 3.3% from the prior year. For year to date, total petroleum imports were also up by 3.4% compared with year to date 2016. Crude oil imports increased 3.4% from April 2016 to just below 7.9 MMbpd in April 2017. Compared with March, crude oil imports were 0.4% higher. For year to date, crude imports were also up 2.7% compared with year to date 2016.