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Petroleum Demand Last Month Highest For November Since 2017 (includes Monthly Statistical Report)

WASHINGTON, December 15, 2017 – Complete petroleum deliveries in November petroleum products handbook 6th rose to 19.9 million barrels per day. This was the strongest November month-to-month demand since 2007. Cumulatively by the first 11 months of the 2017, total home petroleum deliveries rose by zero.9 %, which exceeded demand development in 2016 regardless of greater prices.

“With sustained strength in the U.S. and global economies, petroleum demand remained strong despite higher costs than final year,” stated API Chief Economist Dean Foreman. “Resilient supply continued to outpace demand in November, but inventories experienced a document November drawdown. With U.S. crude costs buying and selling at a discount to international ones—and the Brent-WTI crude value differential above $6.00 per barrel at the tip of November—there was a petroleum products handbook 6th better pull for U.S. petroleum exports, which elevated by 22.Zero % or about 1.2 million barrels per day compared with November 2016.”

Motor gasoline deliveries have been the strongest ever for a November. Consumer gasoline demand, as measured by complete motor gasoline deliveries, rose by zero.6 p.c 12 months-over-12 months to 9.Three million barrels per day. Following an exceptionally sturdy October, gasoline deliveries fell by zero.6 % for the month. Nonetheless, the year-to-date trend remains optimistic, and deliveries climbed by 0.2 % 12 months so far by the first 11 months of the 12 months in contrast with the identical period in 2016 and are on observe to set a brand new annual report above 9.3 million barrels per day for 2017.

U.S. crude oil manufacturing in November remained strong and above 9.0 million barrels per day for the tenth consecutive month. Domestic crude oil manufacturing elevated 9.Zero percent from the prior year and reached the very best November output in 47 years, since 1970, to average almost 9.7 million barrels per day. Compared with the prior month and the prior 12 months to this point, crude oil manufacturing elevated 2.Eight percent and 4.Zero percent, respectively. The month-ago enhance possible mirrored the impact of hurricane recovery and market stabilization. Domestic crude oil manufacturing in the lower 48 states increased by 2.9 p.c from October and was 9.5 p.c increased than November 2016 at more than 9.1 million barrels per day.

Natural fuel liquids (NGL) manufacturing, a co-product of pure gasoline manufacturing, increased from the prior month and prior 12 months. NGL production in November was up by 0.7 % from October and by three.4 percent from November 2016 to average 3.7 million barrels per day- the highest November volume and the fourth highest volume ever.

API is the only nationwide commerce association representing all sides of the oil and natural gas business, which helps 10.Three million U.S. jobs and practically 8 % of the U.S. financial system. API’s greater than 625 members include giant built-in companies, as well as exploration and manufacturing, refining, advertising, pipeline, and marine businesses, and service and provide firms. They supply many of the nation’s petroleum products handbook 6th vitality and are backed by a rising grassroots motion of more than 40 million Americans.

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