* U.S. petroleum demand (19.3 mb/d) decreased to its lowest for any month since March 2021.
* U.S. production of crude oil and natural gas liquids (NGLs) together remained flat in April.
* With Russia’s war in Ukraine, U.S. petroleum net exports rose to 1.4 mb/d, their highest on record since 1947.
* U.S. crude oil commercial inventories (ex-SPR) were the lowest for April since 2014 and showed the lowest year-to-date stock building on record since 2005.
U.S. petroleum demand fell by 0.1 million barrels per day (mb/d) in March and by another 1.0 mb/d in April. Excluding the 2020-2021 pandemic, this was the largest two-month decrease since September 2008. The vast majority of the fall was in “other oils” (that is, naphtha, gasoil, propane, and propylene) that feed refinery and petrochemical operations which enable consumer products like medical plastics, films, and packaging. As motor fuel prices remained near record-high levels, however, U.S. gasoline demand remained flat (compared seasonal increases historically since 2012), and distillate fuel oil demand dropped for a second straight month. Residual fuel oil demand tripled year-on-year with fuel substitution.
U.S. crude oil production rose by 158,000 barrels per day (b/d) in April but was largely offset by a 130,000 b/d decrease in natural gas liquids (NGL) field production. Meanwhile, U.S. refinery activity remained solid with a capacity utilization rate over 90% for the second straight month. And with the potential loss of Russian crude oil and petroleum products to global markets, U.S. petroleum net exports rose to 1.4 mb/d, their second highest for any month on record since 1947. Consequently, U.S. crude oil inventories remained at their lowest for the month since 2014. Notably, U.S. commercial crude oil inventories between December and April each year on record since 2005 have historically risen by an average of more than 40 million barrels in advance of increased refining activity preceding the summer driving season. As of April 2022 year-to-date, however, U.S. crude oil inventories fell by 3.4 million barrels.
Leading economic indicators weakened. API’s Distillate Economic Indicator suggested slowed growth of U.S. industrial production and broader economic activity
Demand U.S. petroleum demand (19.3 mb/d) fell to its lowest since March 2021. – Motor gasoline demand (8.7 mb/d) flattened along with urban commuting. – Distillate demand dropped for a 2nd straight month. – Jet fuel demand continued to rise above 1.5 mb/d. – Other oils’ demand dropped by 1.0 mb/d in April.
Prices & Macroeconomy • Crude oil and gasoline prices receded in April. • Leading indicators showed weaker industrial growth and consumer sentiment.
Supply • Growth of U.S. crude oil production offset by lower NGL production.
International trade • Global geopolitics spurred record-high U.S. petroleum exports.
Industry operations • U.S. refining capacity utilization rate over 90% for a second straight month.
Inventories • Crude Historically low crude oil inventories and unusually low accumulation oil inventories fell to their lowest for April since 2014.
PETROLEUM FACTS AT A GLANCE – May 2022 RELEASE
1. Total U.S. supply of crude oil, natural gas liquids and other liquids in April 2022: 18,507,000 b/d, up by 742,000 b/d compared with April 2021 (April 2021: 17,765,000 b/d) [API]
2. U.S. crude oil production in April 2022: 11,840,000 b/d (of which 440,000 b/d was Alaskan) (April 2021: 11,230,000 b/d). U.S. production of natural gas liquids in April 2022: 5,600,000 b/d (April 2021: 5,443,000 b/d). [API]
3. Total petroleum products delivered to the domestic market in April 2022: 19,284,000 b/d (April 2021: 19,459,000 b/d). [API]
4. U.S. petroleum exports in April 2022: 9,615 ,000 b/d (April 2021: 9,110,000 b/d). [API]
5. U.S. petroleum trade balance contracted by 508,000 b/d to imply April 2022 net exports of 1,351,000 b/d (April 2021: 843,000 b/d net exports). [API]
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