Edit ModuleShow Tags
Edit ModuleShow Tags

Petroleum demand slips


WASHINGTON, December 22, 2011 – Total petroleum deliveries (a measure of demand) fell 1.1 percent in November compared with November a year ago, pulled down by a 1.8 percent decline in motor gasoline demand to an 11-year low for the month.Deliveries of distillate fuel and jet fuel were strong, with distillates up 4.3 percent and jet fuel up 7.5 percent.For the first 11 months of 2011, total petroleum deliveries were down 0.7 percent from the same period in 2010.

"Flagging gasoline demand suggests the consumer sector of the economy is still treading water," said API chief economist John Felmy."But the distillate numbers show the industrial sector is faring better.While the latest Federal Reserve data report a decline in manufacturing activity from last year, they show healthy growth in the mining and utilities sectors."

U.S. refinery gasoline and distillate production were at a record highs – up 2.1 percent and 6.8 percent respectively – for any November and on a year-to-date basis.Jet fuel production increased by 1.8 percent while residual fuel production slumped 11.7 percent in November.Refinery inputs recovered from the year-over-year declines in September and October.Total inputs were up 1.6 percent compared with November 2010.

Total petroleum imports were down for the month of November from last year by 2.7 percent, at 10.8 million barrels per day.Crude imports in November jumped by 4.7 percent to 9.1 million barrels per day while product imports fell by 29.5 percent to 1.7 million barrels per day.Exports of petroleum products jumped 35.4 percent against November of last year to reach 3.5 million barrels per day.

Crude oil production declined in November by 2.1 percent to 5.4 million barrels per day, although it was still at the second highest November level over the past eight years.On a year-to-date basis, production was up by 2.8 percent.The total number of oil and gas rigs remained above 2,000 in November for the second month in a row but at 2,011 were slightly below November a year ago, according to the latest Baker-Hughes Inc. report.

Compared with November 2010, crude oil and refined product inventories declined this November.Crude oil stocks at the end of month were at 334.9 million barrels, down 5 percent from last November and down 1.5 percent from October 2011.Gasoline inventories were up 3.2 percent from October and up 0.8 percent from November a year ago.

API represents more than 490 oil and natural gas companies, leaders of a technology-driven industry that supplies most of America's energy, supports 9.2 million U.S. jobs and 7.7 percent of the U.S. economy, delivers more than $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.

Latest News

API calls on President Obama to approve Keystone XL


Related Meeting

API Conference & Expo - March 6-8, 2012 - Singapore



Edit Module

Add your comment: