November monthly demand for petroleum highest since 2007
Total petroleum deliveries in November increased to 19.9 million barrels per day, the highest November monthly demand since 2007, according to the American Petroleum Association’s (API) Monthly Statistical Report Summary.
Cumulatively through the first 11 months of 2017, total domestic petroleum deliveries increase by 0.9 percent, which surpassed demand growth in 2016 despite higher prices.
“With sustained strength in the U.S. and global economies, petroleum demand remained strong despite higher prices than last year,” API Chief Economist Dean Foreman said. “Resilient supply continued to outpace demand in November, yet inventories experienced a record November drawdown. With U.S. crude prices trading at a discount to international ones—and the Brent-WTI crude price differential above $6.00 per barrel at the end of November—there was a greater pull for U.S. petroleum exports, which increased by 22.0 percent or about 1.2 million barrels per day compared with November 2016.”
Motor gasoline deliveries were the highest ever for a November. Consumer gasoline demand, as measured by total motor gasoline deliveries, increased by 0.6 percent year-over-year to 9.3 million barrels per day. Although gasoline deliveries fell by 0.6 percent for the month, it remains on track to set a new annual record above 9.3 million barrels per day for 2017.
November U.S. crude oil production remained above 9 million barrels per day for the 10th consecutive month. Domestic crude oil production increased 9.0 percent from the previous year and reached the highest November output in 47 years, since 1970, to an average of approximately 9.7 million barrels per day. Compared with the prior month and the prior year-to-date, crude oil production rose 2.8 percent and 4.0 percent, respectively.
Natural gas liquids (NGL) production increased from the prior month and prior year. NGL production in November grew by 0.7 percent from October and by 3.4 percent from November 2016 to average 3.7 million barrels per day. the highest November volume and the fourth highest volume ever.
