Total petroleum deliveries, a measure of demand, rose 2.2% from July 2014 to average nearly 19.6 million b/d last month.
“Demand for and production of oil and refined products grew across the board over the last year. In fact, demand for and production of oil and refined products were the highest July in 8 years, since 2007.”
Gasoline demand rose 2.1% last month from July 2014 to just above 9.4 million b/d, and distillate demand rose 1.1%.
US crude oil production increased 8.8% from July 2014 to an average of 9.5 million b/d—the highest July level since 1920. [Peak oil? What peak oil? Memo to Jane Nielsen.]
Natural gas liquids production averaged nearly 3.4 million b/d, marking the highest for the month on record and the new all-time record.
According to the latest reports from Baker Hughes Inc., the number of oil and gas rigs in the US in July was 866, 53.8% below the year-ago level. Last month’s count was the second lowest count since January 2003.
US total petroleum imports in July averaged nearly 9.4 million b/d, down 1% from the previous year. Meanwhile, crude oil imports in July fell 5.5% from a year ago to average 7.2 million b/d.
At an average of nearly 10 million b/d, production of gasoline in July was the second highest level ever for the month.
Refinery gross inputs in July rose 0.1% from last year to a record high for the month at nearly 16.9 million b/d. The refinery capacity utilization rate in July averaged more than 90% for the fourth consecutive time this year at 94%.
API’s latest refinery operable capacity was 17.956 million b/d.
Crude oil stocks ended in July at nearly 460 million bbl, the highest July inventory level in 85 years, since 1930. Stocks of motor gasoline ended down 0.2% from last year to 216.5 million bbl. Distillate, jet fuel, and “other oil” stocks were up from year ago levels.Flat out production, flat out refining, and gasoline stocks actually down 0.2% from last year. Apparently folks like inexpensive gasoline. I vaguely remember a chapter on elastic and inelastic demand in some economics course I took in high school. It now makes sense. Fifty years later.