Total US petroleum delivers hit a seven year high for the month of November last month when they rose by 1.9% from November 2013 to average 19.9 million bpd. John Felmy, API Chief Economist said, “it has been several years since we’ve seen this level of demand in November. The economy overall appeared to be in good shape last month, and production of crude, natural gas and refined products all remained quite strong.”
Gasoline demand increased by 1.9% from November 2013 to average 9.1 million bpd. These were the highest deliveries for the month since 2007. Distillate deliveries were the highest in eight months, and increased by 1.2% above the prior year to 3.9 million bpd. Demand also increased over the same period for jet fuel and other oils while residual fuel deliveries fell by 26% to set a new record low for November.
Imports of refined products dropped 27.3% over the period November 2013 – 2014 to the lowest level since May 1995, at 1.4 million bpd.
The production of gasoline increased 0.6% from 2013 to a new high for the month at 9.5 million bpd. At approximately 4.9 million bpd, distillate production increased 4.9% from October, but was down by 3.7% from November 2013. Year to date production for both products was the highest on record.
Stocks of motor gasoline dropped 3.9% from last year to their lowest inventories in six years to 208.3 million bbls. Stocks of distillate, jet fuel and other oils all fell from year ago levels.
Crude production increased 14.9% from 2013 to its highest November output since 1973. The production level of 9.1 million bpd marked the first time above 9 million bpd since March 1986. The Bakken, the Eagle Ford, and the Permian regions posted record levels of production last month, averaging 1.2 million bpd, 1.6 million bpd, and approximately 1.8 million bpd, respectively.
Total petroleum imports for November were down by 5.2% from November last year to average just under 8.9 million bpd. This is the second lowest level since February 1996. Crude imports increased slightly by 0.7% from 2013 to average approximately 7.5 million bpd, the second lowest level for the month since 1996.
Crude stocks ended in November at 374.9 million bbls, an increase of 0.3% from 2013. These were the second highest November inventories in 84 years.
The production of NGLs, a coproduct of natural gas production hit its highest output on record at approximately. 3.2 million bpd, an increase of 15.3% from 2013. Production of natural gas in the Marcellus region, the largest natural gas producing region, reached a record high of 15.9 billion ft3/d last month, an increase of 17.9% from last year and was up 74% from November 2012.
November records were set in refinery gross inputs and exports of refined products. Gross inputs grew 0.9% from last year to average 16.3 million bpd while exports increased by 5.5% to average 4.2 million bpd. Several refineries were back up from their scheduled turnaround, the refinery capacity utilisation rate averaged 91.4% in November. This is an increase of 2.6% from October, up 0.8% from the year ago levels, and the highest November rate in 10 years. API’s latest refinery operable capacity was 17.805 million bpd.
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