API’s primary data on U.S. petroleum markets for September reinforced a combination of developments that has been recurrent so far in 2021 – that is, demand outpaced supply, inventories fell, and consequently imports and prices rose. Notably, U.S. petroleum demand set a record high for the month of September of 20.6 million barrels per day (mb/d), including the highest refining and petrochemical demand for other oils – intermediate products in refining and petrochemicals – ever for the month. Meanwhile, domestic crude oil production fell to 10.7 mb/d, due in part to the prolonged Gulf Coast impact of Hurricane Ida. Despite some monthly slowing of U.S. refining throughput, crude oil inventories fell to their lowest for any month since September 2018. And U.S. petroleum net imports increased to 1.7 mb/d, led by higher crude oil imports and lower refined product exports.
The economy and therefore oil demand have appeared to remain on track. API’s Distillate Economic IndicatorTM suggested continued growth of U.S. industrial production and broader economic activity.
CONTENTS
Demand • U.S. petroleum demand (20.6 mb/d) a record for September – Motor gasoline demand (9.2 mb/d) fell minimally at the end of the summer driving season. – Solid distillate demand exceeded 4.0 mb/d. – Jet fuel demand decreased seasonally but continued to close its gap versus 2019. – Marine shipping sustained residual fuel oil demand. – Other oils’ demand of 5.6 mb/d a record for September.
Prices & Macroeconomy • Highest gasoline prices for September since 2014. • Leading indicators suggest industrial and economic growth, but heightened consumer concerns.
Supply • U.S. crude oil production (10.7 mb/d) in September hampered by Gulf Coast storms.
International trade • Highest U.S. petroleum net imports since September 2018.
Industry operations • Refinery inputs and capacity utilization – monthly changes relatively stronger than in 2017-2020.
Inventories • Lowest crude oil inventories for any month since September 2018.
PETROLEUM FACTS AT A GLANCE - October 2021 RELEASE:
1. Total U.S. supply of crude oil, natural gas liquids and other liquids in September 2021: 17,164,000 b/d, down by 64,000 b/d compared with September 2020 (September 2020: 17,228,000 b/d) [API]
2. U.S. crude oil production in September 2021: 10,689,000 b/d (of which 445,000 b/d was Alaskan) (September 2020: 10,868,000 b/d). U.S. production of natural gas liquids in September 2021: 5,453,000 b/d (September 2020: 5,308,000 b/d). [API]
3. Total petroleum products delivered to the domestic market in September 2021: 20,584,000 b/d (September 2020: 18,415,000 b/d). [API]
4. U.S. petroleum exports in September 2021: 7,269,000 b/d (September 2020: 8,135,000 b/d). [API]
5. U.S. petroleum trade balance expanded by 2,451,000 b/d to imply September 2021 net
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