API: US petroleum demand edges up in May
22 June 2012
Total petroleum deliveries (a measure of demand) rose half a percent in May over the same month last year to 18.5 million barrels per day, according to figures from the American Petroleum Institute (API). Gasoline demand was up 0.4%, but, for the first five months of 2012, was 0.6% below the same period a year ago. May distillate demand was up 2.0%, though down 1.5% for the first five months. Jet fuel demand rose in May.
Fuel demand is still not strong. Weak growth in the United States, stubborn unemployment, and a world economy doing little better than treading water are contributing to this. Gradually improving vehicle fuel efficiency may also be a factor.
—API chief economist John Felmy
Supplies of refined products were ample. US refinery production of all four major products—gasoline, distillate, jet fuel and residual fuels—outpaced domestic demand. US gasoline production of 9.092 million barrels per day was above 9.0 million barrels per day for the second month in a row and at the third highest May level.
Refinery utilization was 85.9% for the month, up 0.4 percentage points from May 2011. Total refinery inputs in May were 0.7% higher than last year. Exports of refined products increased 19.3% this May over a year ago.
Imports of crude oil and refined products fell in May by 10.4% to average 10.5 million barrels per day. Imports of crude oil declined in May by 1.3% to average 8.9 million barrels a day. Canadian crude imports made up nearly 23% of total crude oil imports for the month.
Domestic crude oil production rose by 8.5% in May to average 6.1 million barrels per day. North Dakota production in May set a record at 574 thousand barrels per day, eclipsing production from Alaska, which fell 5.0% to 572 thousand barrels per day.
The number of oil and gas rigs increased from 1,962 in April to 1,977 in May, according to the latest reports from Baker-Hughes Inc.
At the end of May, crude oil stocks at 384.1 million barrels were up 3.9% from last year and up 2.5% from April levels. Gasoline stocks posted declines for the month, down 4.0% from a year ago and down 2.3% from month ago levels.
Is this a sign of :
1. Slow but progressive economic growth in USA or/
2. People travelling more due to lower fuel price or/
3. growth in the size of vehicle fleet /or
4. more older gas guzzlers or the roads due to economic hardship or/
5. vehicle fleet consuming more fuel per mile per vehicle?
Posted by: HarveyD | 22 June 2012 at 08:57 AM
Really, I think 4 tenths of 1% is in the noise. If real, probably just the lower price. People become frivolous once again. However, every time we go through this cycle and morons keep putting themselves in bad spots, assuming that things will never change, you begin to discount them as permanently stupid. When the "pain at the pump" person is whining about gas prices it's kind of like the boy that cried wolf. We should ignore them, because they will never learn. People who will never learn should not be considered when we make decisions. They have lost their right in my mind to be represented. They will always drag the rest of us down. We need to pitch them over the side of the life boat to save ourselves. They are the crazy paniced morons that could destroy us all. Well, okay, that may be a little much, but they really are pretty dumb aren't they.
Posted by: Brotherkenny4 | 22 June 2012 at 10:43 AM
The ones whining when the price of gas goes up are the same ones who want the road taxes cut while they complain about the potholes. They have no concept of cause and effect.
Unfortunately, people like that are allowed to vote.
Posted by: Engineer-Poet | 22 June 2012 at 06:09 PM