US January petroleum demand falls from 2011 on lower heating oil use - API
Total petroleum deliveries (a measure of demand) fell 5.7% this January compared with January 2011 to just over 18 million bpd, according to monthly data from the American Petroleum Institute (API).
Gasoline deliveries slipped 0.2% to 8.4 billion bpd.
While demand for all major refined products declined, the overall dip was driven in significant part by a nearly 27% reduction in deliveries of high-sulfur distillate fuel, which is used in home heating.
The slide in heating fuel demand reflects January’s relatively warm temperatures.
“Consumer demand for gasoline has not recovered from 2007 highs,” said API chief economist John Felmy.
“A number of factors arguably have contributed to this in recent years, including more fuel-efficient cars, higher gasoline prices and demographic changes in the driving-age population - in addition to a sluggish economy,” Felmy added.
Supplies for refined products remained ample, with gasoline production of 8.9 million bpd setting a record high for January, the API said.
With the exception of residual fuels, production of all other major refined products also increased for the month, and, like gasoline, distillate fuel production set a record.
Total refinery inputs were higher than last year’s levels by 1.9%.
Imports of crude oil and refined products fell in January by 14% to average 10.1 million bpd, with products hitting a 17-year low for the month.
Total petroleum exports (almost all of which were product exports) fell from the recent highs of 2011 to average just over 3million bpd, yet were still higher than January 2011 levels by 13.5%.
Crude oil production rose 3.8% in January to average 5.7 million bpd, an eight-year high for the month.
Alaskan production was up by 34%, and North Dakota production was also strong, the trade group said.
The number of oil and gas rigs remained flat from December 2011 levels, according to the latest reports from Baker-Hughes.
Crude oil stocks were down 3.2% from January 2011 but up slightly from December 2011.
Gasoline stocks were up from month-ago and year-ago levels and at a three-year high for January.
Distillate fuel inventories were down from month-ago and year-ago levels, according to the API data.
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