Gasoline demand weak slightly in August

In August, the total oil supply increased slightly to 19.7 million barrels per day from the previous month, and the demand for gasoline and distillates was the opposite. Gasoline demand fell by 1.3%, while distillate demand rose by 10.8%. On the latest basis last year, gasoline demand fell 2% from last year.

John John Felmy, chief economist of API, said: “The US economy is still struggling and retail sales are weak. We have seen a reflection of the number of gasoline demand. Distillate demand has risen in line with moderate growth in manufacturing, but consumers are still cautious. ."

Despite the decline in gasoline demand, US refinery gasoline production still rose 0.6% over the same period of last year. The output of the first eight months of this year was higher than the previous period. Distillate and jet fuel production also rose, and distillate production hit a record high. The refinery output still exceeded 15,000 barrels/day for three consecutive months, but it was lower than last August.

The total import volume of petroleum products reached 1.6 million barrels/day, which was 11% lower than last year. Crude oil imports fell by 1.8% to 9.4 million barrels per day. Canadian crude oil imports rose 7% from last year. In August, the average import volume reached 2.1 million barrels per day.

Baker Hughes said that in August, crude oil production fell to a three-year low and fell to its lowest level in 2011 of 5.1 million barrels per day. However, so far this year, crude oil production has increased by 1.1% from last year. Production in the lower 48 states fell by 6.3%, and total oil and gas drilling platforms rose from 57 to 1957.

Crude oil stocks fell for the third time this year compared to the same period last year, but this inventory level is still the second highest since 1990. Total oil stocks and products fell by 6.5% from last year and 0.7% from June this year. Monthly gasoline stocks fell to 210 million barrels per month, but it was still the second most inventories since 1998. Distillate stocks rose from July but still declined 8% year-on-year.

The API represents more than 480 oil and gas companies. It is the industry leader in energy supply technology driven by the United States. It supports 9.2 million U.S. jobs and 7.7% U.S. economy. It provides over US$86 million in revenue to the government every day since 2000. Since then, investments in capital projects in the United States have exceeded 2 trillion U.S. dollars to promote all forms of energy, including alternative energy sources.