API: February US petroleum demand is highest since 2008
Total US petroleum demand reached an average 19.3 million b/d in February—the highest level for the month since 2008, the American Petroleum Institute reported on Mar. 19. The amount represented a 1.5% year-to-year increase from February 2014’s nearly 19 million b/d.
“Greater demand for gasoline and jet fuel and a colder-than-usual February brought total February deliveries back to pre-recession levels,” API Chief Economist John Felmy said. “At the same time, the continued strength of crude oil and refinery production ensured that stocks of crude and refined products remained high.”
API said February’s US gasoline demand edged up 0.1% to an average 8.7 million b/d, its highest level for the month since 2009. Gasoline production averaged nearly 9.5 million b/d, a record for the month and 1.9% higher year-to-year. Distillate fuel production rose 3.8% year-to-year to a February record of more than 4.7 million b/d as demand fell 4.8% during the same period.
Crude oil inventories, excluding those in the US Strategic Petroleum Reserve, ended the month at 439.7 million bbl, 6.6% more than 412.6 million bbl at the end of January and 17.8% higher than 373.3 million bbl at the end of February 2014.
US crude production in February increased 14.5% year-to-year to a nearly 9.3 million b/d average, its highest level since April 1973, API said. Natural gas liquids production set its own record last month by climbing 18.1% from February 2014’s level to nearly 3.2 million b/d, it added.
Crude oil imports rose 6% year-to-year to an average 7.6 million b/d, their highest for the month since 2012 but still the third-lowest February in 18 years, API said. Product exports, meanwhile, averaged 4.6 million b/d, 27.5% more than February 2014’s 3.6 million b/d.
Refinery gross inputs rose from last year to a record February peak of more than 15.6 million b/d. The capacity utilization averaged 89.7% during the month, down 1.6% from January but 1.3% more than in February 2014. API noted that its latest total US refinery operable capacity was almost 17.8 million b/d.
Contact Nick Snow at [email protected].
Nick Snow
NICK SNOW covered oil and gas in Washington for more than 30 years. He worked in several capacities for The Oil Daily and was founding editor of Petroleum Finance Week before joining OGJ as its Washington correspondent in September 2005 and becoming its full-time Washington editor in October 2007. He retired from OGJ in January 2020.
