Total petroleum deliveries moved up by 1.2% from the prior year to nearly 19.3 million barrels per day in January 2017. These were the highest January deliveries in nine years, since 2008.
The overall economy in the U.S. showed gains in January, adding 227,000 jobs according to the U.S. Bureau of Labor Statistics (BLS). The U.S. unemployment rate was little changed at 4.8% in January.
Gasoline deliveries in January were down from the prior year and the prior month. Total motor gasoline deliveries, a measure of consumer gasoline demand, decreased 2.6% from January 2016 to average 8.4 million barrels per day—the lowest demand in 36 months.
“2017 is off to a solid start. Consumers continued to save at the pump as gasoline prices remained steadily low and the economy grew, expanding for the 92nd consecutive month,” said Chief Economist, Erica Bowman.
Crude oil production increased 1.0% from December 2016, but was down by 2.5% from January 2016 to average almost 9.0 million barrels per day in January 2017. This was the third-highest January since 1986. Natural gas liquids (NGL) production, a co-product of natural gas production, was up from both the prior month and prior year. NGL production in January averaged 3.5 million barrels per day, up 1.9% from last month and 6.6% higher than last year. This was the highest January output level on record.
U.S. total petroleum imports in January averaged 10.7 million barrels per day, up 6.3% from the prior month and up 9.7% from the prior year. Crude oil imports in January were at their highest level since September 2012. Crude oil imports increased by 8.2% from January 2016 to 8.3 million barrels per day in January 2017.
Crude oil stocks ended in January at 499.5 million barrels—the highest January inventory level in 87 years, since 1930. Crude stocks were up 3.4% from the prior month, and were up 6.6% from the prior year. Total inventories of all oils were up 4.3% from year ago levels, and up 3.1% from month ago levels.