1、 FEBRUARY 2017Volume 41 No. 2 SUMMARY Total petroleum deliveries in February moved up 0.1 percent from February 2016 to average 19.7 million bar-rels per day. These were the highest February deliveries in nine years, since 2008. Compared with January 2017, total domestic petroleum deliveries, a meas
2、ure of U.S. petroleum demand, also increased 2.2 percent. For year to date, total domestic petroleum deliveries increased 0.7 percent compared to the same period last year. The over-all economy in the U.S. showed gains again for the second time in the year, adding 235,000 jobs according to the U.S.
3、Bureau of Labor Statistics (BLS). The U.S. unemploy-ment rate changed little at 4.7 percent in February. In February, gasoline deliveries, a measure of consumer gasoline demand were up from the prior month, but down from the prior year, and the prior year to date. Total mo-tor gasoline deliveries, d
4、ecreased 3.8 percent from Febru-ary 2016, to average 8.9 million barrels per day the sec-ond highest February demand in nine years, since 2008. Compared with January 2017, total motor gasoline deliv-eries increased 4.9 percent. For year to date, gasoline de-liveries decreased 3.3 percent compared wi
5、th year to date 2016. Distillate deliveries averaged almost 4.0 million barrels per day in February, increased 0.9 percent com-pared with February 2016. These were the highest Febru-ary deliveries in two years, since 2015. Compared to the prior month, February distillate deliveries increased 6.4 per
6、cent. For year to date, distillate deliveries decreased 0.2 percent compared to year to date 2016. According to the latest Manufacturing ISM Report on Business from the Institute for Supply Management (ISM) Survey, economic activity in the manufacturing sec-tor expanded in February and the overall e
7、conomy grew for the 93rd consecutive month. The chair of the ISM Man-ufacturing Business Survey Committee stated that the Purchasing Managers Index (PMI) was registered at 57.7 percent, 1.7 percentage points above the January reading of 56.0 percent. According to the March Press Release ISM report,
8、“comments from the panel largely indicate strong sales and demand, and reflect a positive view of business conditions with a watchful eye on commodities and the potential for inflation.” Crude oil production increased 0.7 percent from Janu-ary 2017, but was down by 1.3 percent from February 2016 to
9、average just above 9.0 million barrels per day in February. This was the highest crude oil production for any month since March 2016. Compared with year to date 2016, crude oil production decreased 1.9 percent. Natural gas liquids (NGL) production, a co-product of nat-ural gas production, was down f
10、rom the prior month, but was up from the prior year, and the prior year to date. At an average 3.4 million barrels per day, NGL production in February fell by 2.7 percent from January 2017, but was 2.9 percent higher than last year, and 4.8 percent higher than year to date 2016. This was the highest
11、 February output level on record. Compared with year to date 2016, NGL production increased 4.8 percent. According to the latest reports from Baker-Hughes, Inc., the average U.S. rig count for February 2017 was 744, up 56 from the 688 counted in January 2017, and up 212 from the 532 counted in Febru
12、ary 2016. However, last months count was the second lowest February in over 16 years, since 1999. U.S. total petroleum imports in February averaged nearly 10.4 million barrels per day, down 2.7 percent from the prior month, but up 3.6 percent from the prior year. These were the highest February impo
13、rts in five years, since 2012. For year to date, total petroleum imports were also up by 6.7 percent compared with year to date 2016. Crude oil imports increased 2.8 percent from February 2016 to 8.1 million barrels per day in February 2017. Compared with January 2017, crude oil imports were 2.0 per
14、cent lower. For year to date, crude oil imports were up by 5.6 percent. Refined product imports in February in-creased by 6.6 percent from the prior year to just below 2.3 million barrels per day, but were down 5.2 percent from the prior month. Compared with year to date 2016, refined product import
15、s increased 11.0 percent. U.S. refinery gross inputs moved down 2.2 percent from February 2016, averaging 15.8 million barrels per day. Compared to January 2017, refinery gross inputs were down 4.6 percent. Compared with year to date 2016, refin-ery gross inputs decreased 0.4 percent. Production of
16、all four major productsgasoline, distillate, jet fuel and resid-ual fuels was higher than demand for those products, so refined products were exported. Exports of crude oil and refined petroleum products increased 3.0 percent in February 2017, compared to February 2016, to average nearly 5.1 mil-lio
17、n barrels per day. This was the highest February export level ever. Compared to year to date 2016, crude oil and re-fined product exports were up 5.2 percent. Refinery capacity utilization rate averaged 85.5 percent in February, down 2.8 percentage points from the prior year, and down 4.2 percentage
18、 points from the prior month. APIs latest refin-ery operable capacity was 18.480 million barrels per day. Crude oil stocks ended in February at 526.3 million bar-relsthe highest February inventory level in 87 years, since 1930. Crude stocks were up 5.4 percent from the prior month, and up by 7.8 per
19、cent from the prior year. Published March 23, 2017 2 In February, gasoline deliv-eries, a measure of consumer gasoline demand were up from the prior month, but down from the prior year, and the prior year to date. Total motor gasoline deliveries, decreased 3.8 percent from Febru-ary 2016, to average
20、 8.9 million barrels per day the second highest February demand in nine years, since 2008. Com-pared with January 2017, total motor gasoline deliveries in-creased 4.9 percent. For year to date, gasoline deliveries de-creased 3.3 percent compared with year to date of 2016. Con-ventional gasoline deli
21、veries decreased 4.4 percent from Feb-ruary 2016, to average nearly 6.0 million barrels per day. Re-formulated-type gasoline deliveries also decreased from the prior year, declining 2.6 percent to average almost 2.9 million barrels per day. Compared with January 2017, conventional gasoline deliverie
22、s rose 5.4 percent while reformulated gaso-line deliveries rose 4.0 percent. Compared with year to date 2016, conventional gasoline deliveries and reformulated-type gasoline deliveries were both down, falling by 4.5 percent and 0.6 percent, respectively. The average regular-grade gasoline price aver
23、aged $2.416 per gallon in February, according to the latest EIA price data. This was down 4.2 cents from the prior month, but was up 54.4 cents from the prior year. This February price was the second highest for any month since June 2016. Crude oil pric-es in February averaged $1.273 per gallon ($53
24、.47 per barrel), up 2.3 cents from the prior months price of $1.250 per gallon ($52.50 per barrel), and up 55.1 cents from February 2016s price of $0.722 per gallon ($30.32 per barrel). Februarys crude price was the highest price for any month since June 2015. In February 2017, distillate deliveries
25、 averaged almost 4.0 million barrels per day, in-creased 0.9 percent, compared with February 2016. These were the highest February deliv-eries in two years, since 2015. Compared to the prior month, February distillate deliveries increased 6.4 percent. For year to date, distillate deliveries decrease
26、d 0.2 percent compared to year to date 2016. The year on year increase in distillate de-liveries was driven by increases in high sulfur distillate (HSD) deliveries, which rose by 24.8 percent. Meanwhile, low sulfur distillate (LSD) and ultra-low sulfur distillate (ULSD) decreased 0.5 percent and 0.4
27、 percent, respectively, compared to last year. According to the latest EIA price data, ULSD prices de-creased 1.2 cents from last months price of $2.580 per gallon to average $2.568 per gallon in February. This was the second highest price for any month since August 2015. Compared with February 2016
28、, USLD prices were 57.0 cents higher. According to the latest Manufacturing ISM Report on Busi-ness from the Institute for Supply Management (ISM) Survey, economic activity in the manufacturing sector expanded in February and the overall economy grew for the 93rd consecu-tive month. The chair of the
29、 ISM Manufacturing Business Survey Committee stated that the Purchasing Managers In-dex (PMI) was registered at 57.7 percent, 1.7 percentage points above the January reading of 56.0 percent. According to the March Press Release ISM report, “comments from the Distillate Fuel Oil DELIVERIES UP FROM TH
30、E PRIOR MONTH AND THE PRIOR YEAR. PRODUCT DELIVERIES Gasoline DELIVERIES DOWN IN FEBRUARY FROM PRIOR YEAR AND PRIOR MONTH. API ESTIMATES FEBRUARY YEAR TO DATE Million B/D Percent Change Million B/D Percent Change Total domestic deliveries 19.7 0.1 19.5 0.7 Crude production 9.0 (1.3) 9.0 (1.9) Total
31、imports 10.4 3.6 10.5 6.7 Stocks (million bbl) 1,317.4 0.0 n/a n/a 3 panel largely indicate strong sales and demand, and reflect a positive view of business conditions with a watchful eye on commodities and the potential for inflation.” Deliveries of kerosene-jet fuel in February decreased 10.3 perc
32、ent from January 2017, and de-creased 2.9 percent from Febru-ary 2016 to average almost 1.5 million barrels per day. These were the second highest deliveries for the month in nine years, since 2008. For year to date, deliveries were up by 5.7 percent compared with year to date 2016. The Internationa
33、l Air Transport Association (IATA) report-ed total revenue passenger kilometers (RPKs) in January increased by 9.6 percent compared to January 2016. The IATAs Director General and CEO stated in the IATAs March 7, 2017 Press Release “2017 is off to a very strong start, with demand at levels not seen
34、since 2011. This is supported by the upturn in the glob-al economic cycle and a return to a more normal environ-ment after the terrorism and political shock events seen in early 2016.” North American airlines had the slowest demand growth, with traffic rising 3.2 percent in January, compared to a ye
35、ar ago. Capacity climbed 3.1 percent, and load factor was flat at 80.3 percent. In February, deliveries of re-sidual fuel oil increased by 71.5 percent compared to the prior year to average 343 thousand barrels per day. Residual fuel oil deliveries were down by 2.3 percent compared to the prior mont
36、hs demand of 351 thousand barrels per day, and were the second highest February since 2011. For year to date, deliveries were up 27.8 percent compared with year to date 2016. Residual fuel oil is used for the production of elec-tric power, space heating, vessel bunkering, and other indus-trial purpo
37、ses. “Other Oils” includes all products other than gasoline, distillate fuel, jet fuel, and residual fuel oil. These major refined products have gained a larger share of overall domes-tic product deliveries over the last several years. “Other Oils” including liquid petrochemical feedstock, naphtha,
38、gasoil, and propane were 25.8 percent of the total deliveries. Deliveries of “other oils” for February showed an increase of 10.2 percent over year-ago levels, but were lower than January 2017 deliv-eries by 1.4 percent. Crude oil production in-creased 0.7 percent from January 2017, but was down by
39、1.3 percent from February 2016 to average just above 9.0 million barrels per day in February. This was the highest crude oil production for any month since March 2016. For year to date, crude production was also down by 1.9 percent compared with year to date 2016. Texas saw an in-crease in productio
40、n from January 2017 to average 3.2 million barrels per day in February. This was 2.1 percent below Feb-ruary 2016 output. North Dakota also saw a monthly increase in crude oil production to average 1.0 million barrels per day, up 0.6 percent from January 2017s revised output, but was 6.2 percent low
41、er compared to the same period last year. Pro-duction of crude oil in the Lower 48 states in February was at its third highest February in 43 years at 8.5 million barrels per day. This was up 0.9 percent from January 2017, but was 1.3 percent lower than February 2016. Meanwhile, the Bakken and the E
42、agle Ford posted oil production declines last month, averaging 1.0 million barrels per day and 1.1 million barrels per day, respectively. The Permian region continued to increase production at almost 2.2 million barrels per day Natural gas liquids (NGL) production, a co-product of natu-ral gas produ
43、ction, was down from the prior month, but was up from the prior year, and the prior year to date. At an aver-age 3.4 million barrels per day, NGL production in February was fell by 2.7 percent from January 2017, but was 2.9 per-cent higher than last year, and 4.8 percent higher than year to date thi
44、s time last year. This was the highest February output level on record. Compared with year to date 2016, NGL production increased 4.8 percent. Production of natu-ral gas in the Marcellus region, the largest natural gas pro-ducing region grew to its record level at 18.9 billion cubic feet per day, up
45、 1.1 percent from January 2017 and up 1.8 percent from February 2016. Residual Fuel Oil DELIVERIES UP FROM YEAR AGO LEVELS. SUPPLY Production CRUDE PRODUCTION UP FROM PRIOR MONTH, BUT DOWN FROM PRIOR YEAR. Kerosine Fuel Oil SECOND HIGHEST FEBRUARY DELIVER-IES SINCE 2008. Other Oils DELIVERIES STRONG
46、 FROM YEAR AGO LEV-ELS. Crude Oil Production (Thousand B/D) February Year Ago Percent Change Lower 48 8,524 8,640 (1.3) Alaska 504 507 (0.6) 4 According to the latest reports from Baker-Hughes, Inc., the average U.S. rig count for February 2017 was 744, up 56 from the 688 counted in January 2017, an
47、d up 212 from the 532 counted in February 2016. However, last months count was the second lowest February in over 16 years, since 1999. U.S. total petroleum imports in February averaged nearly 10.4 million barrels per day, down 2.7 percent from the prior month, but up 3.6 percent from the prior year
48、. These were the highest February imports in five years, since 2012. For year to date, total petroleum imports were also up by 6.7 percent compared with year to date 2016. Crude oil imports increased 2.8 percent from Feb-ruary 2016 to 8.1 million barrels per day in February 2017. Compared with Janua
49、ry 2017, crude oil imports were 2.0 per-cent lower. For year to date, crude imports were up 5.6 per-cent compared with year to date 2016. Canadian crude im-ports were down 10.1 percent from February 2016 to 3.2 mil-lion barrels per day. These were also down 7.9 percent from the prior month. Canadian imports made up 30.8 percent of total crude oil imports. Refined product imports in February increased by 6.6 per-cent from the prior year to just below 2.3 million barrels per day, but were down 5.2 percent from the prior month. Com-pared to year to
