The month of July marked the first time this in 2011 that total petroleum deliveries in the USA actually fell year-on-year – dropping by half a per cent compared to one year ago.
According to figures from the American Petroleum Institute (API), motor gasoline demand reached a low for any July in the past decade; but distillate deliveries were strongly higher by 10.9 per cent compared to July, 2010 – mainly because of a 15.1 per cent increase in ultra low sulphur distillate deliveries.
API chief economist John Felmy believes the numbers indicate continued weakness in the economy and suggest that consumers aren’t spending and jobless claims have increased.
In addition, US refinery gasoline production fell for the first time this year – down by 2.3 per cent compared to July, 2010; although it remains at a record level on a year-to-year basis. Total imports of petroleum products meanwhile, were down for the month by 14.7 per cent to a 14-year low.
Production of crude oil hit a three-year low for the month – while production in the lower 48 states was down slightly, but in Alaska, it was rocked by 13.2 per cent because of a planned maintenance shutdown of the trans-Alaska pipeline in the middle of the month.
