Total petroleum deliveries in December increased 0.5% from December 2015, and were up 0.6% from November, to average nearly 19.7 million barrels per day. These were the highest December deliveries in six years, since 2010.
For the fourth quarter, total domestic petroleum deliveries, a measure of U.S. petroleum demand, increased by 1.1% compared to the fourth quarter 2015. For year to date, total domestic petroleum deliveries increased by 0.4% compared to the same period last year to 19.6 million barrels per day. According to the Bureau of Labor and Statistics (BLS) January 6, 2017, report, the overall economy in the U.S. showed slight growth in December, adding 156,000 jobs. BLS also reported the number of unemployed persons and the unemployment rate in December posted little change, at 7.5 million and 4.7%, respectively.
In December, gasoline deliveries were down from the prior month, the prior year and the prior quarter, but were up from the prior year to date. Gasoline deliveries, a measure of consumer gasoline demand, decreased by 1.5% from November, and fell by 1.3% from December 2015, to average slightly above 9.0 million barrels per day. These were the second highest December deliveries in nine years, since 2007.
“2016 wrapped up on a good economic note as the economy continued to add more jobs and consumers enjoyed relatively low fuel costs,” said Chief Economist Erica Bowman.
Domestic crude oil production in December was down from the prior year, the prior quarter and the prior year to date, but was slightly up from the prior month. At an average of nearly 8.8 million barrels per day, U.S. crude oil production in December decreased 4.8% from December 2015, but increased 0.6% from November. December’s crude oil production was the lowest December output since 2013.
U.S. total petroleum imports in December averaged just above 10.0 million barrels per day, down by 3.0% from the prior month but up 3.1% from the prior year. This was the highest output for the month of December, since 2011. For the fourth quarter, total imports were up 8.5% compared with the same period last year. For year to date, total imports increased 6.7% compared with the same period last year and was the highest year to date on record, since 2012.
Crude oil stocks (excluding lease stocks) reached its highest inventory level for the month of December since 1929. At 483.2 million barrels, crude stocks ended slightly lower than November, falling by 0.5%, or 2.6 million barrels, but were 7.6% or 33.9 million barrels higher than December 2015. Stocks of motor gasoline ended up 2.7% from November, but were down by 0.6% from December 2015, to 234.1 million barrels in December.
API is the only national trade association representing all facets of the oil and natural gas industry.
