US Petroleum Demand During October 2017 Highest Since 2007
Total petroleum deliveries in the US during October 2017 hit their highest mark since 2007 (pre financial crisis) — rising 1.1% on October 2016 figures, to an average of 19.9 million barrels a day — going on the most recent figures from API.
Year to date (the first 10 months of 2017), total domestic petroleum deliveries are now up 1.2% over the same period last year (as compared to the first 10 months of 2016).
The relatively low gas prices of recent times is no doubt one of the primary drivers of increasing demand — with sales of fuel-hungry pickup trucks and SUVs surging in recent years, and semi truck freight shipping now at high levels.
Notably, though, gasoline production this year has been roughly flat, with 2016 being down year on year for the first 10 months of 2017 by 1.5% (as compared to 2016), but still making for the second highest year-to-date on record.
Also notable is that kerosene jet fuel production hit its second highest output in October since the year 2000 — with an average of 1.6 million barrels per day produced in October. Distillate production hit its highest mark ever, with an average of just under 5 million barrels a day — up 3% year-on-year.
Domestic crude production rose in October to an average of 9.4 million barrels a day — making for the highest October output since 1972. While that sounds impressive, it should be realized that it’s on the back of a relatively soon-to-be-played-out fracking boom — US production figures are going to look quite different a decade from now.
Year to date (the first 10 months of 2017), total petroleum imports in the US are up 1.6% as compared to the same period of 2016.
While some of the those reading this will be unwilling to take the figures at face value, as they come from API, it’s been the case in my experience that the API figures are pretty accurate — and in this case simply support the evidence from other sources (transport department figures on miles travelled, etc.) that petroleum demand in the US is continuing to grow.
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