Demand For Petroleum Rose In February, Gasoline Demand Sets New Record (Includes Monthly Statistical Report)

Total petroleum deliveries, a measure of consumer demand, rose 2 percent in February from year ago levels to average 19.8 million barrels per day. These were the highest February deliveries in eight years. Total motor gasoline deliveries rose 5.2 percent from February 2015 to 9.1 million barrels per day and were the highest deliveries for the month on record.

“Low gasoline prices continued to drive up demand in February,” said Hazem Arafa, API director of statistics. “In fact, gasoline demand rose to a new all-time record for the month as drivers took advantage of the low prices.”

February distillate deliveries were down from the prior year by 17 percent to average nearly 3.8 million barrels per day.

Crude oil production fell 3.6 percent from February 2015 to average 9.1 million barrels per day in February 2016.

U.S. total petroleum imports in February averaged nearly 9.9 million barrels per day, up 6.7 percent from year ago levels. Refined product imports in February increased by 6.1 percent from year ago levels to 2.3 million barrels per day.

In February, gasoline production averaged nearly 9.9 million barrels per day, up 3.2 percent from year ago levels. Distillate fuel production declined by 3.3 percent from February 2015. API’s latest refinery operable capacity was 18.174 million barrels per day. Refinery gross inputs moved up by 1.7 percent from February 2015 to reach a new high for the month, averaging 15.9 million barrels per day.

Exports of crude oil and refined petroleum products increased 6 percent in to average just below 5 million barrels per day. This was the highest February export level ever.

Crude oil stocks ended in February at 519.6 million barrels, up by 16 percent from year ago levels to the highest February inventory level in since 1930. Stocks of motor gasoline ended in February at 252.4 million barrels, up 4.9 percent from the prior year. Distillate fuel oil stocks rose by 32.2 percent from the same period last year to end at 162.8 million barrels, which is the highest February inventory level in 35 years. Jet fuel stocks rose 10.2 from the prior year to end at 42.5 million barrels. Stocks of “other oils” were down from year ago levels.

About API
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API’s more than 650 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation’s energy and are backed by a growing grassroots movement of more than 30 million Americans.