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Friday, 29 September 2017 14:00

API: US petroleum demand highest for August since 2007

Total US petroleum deliveries, a measure of petroleum demand, moved up 1.3% in August from a year ago to average 20.5 million b/d, marking the highest August deliveries in 10 years, according to data from the American Petroleum Institute. Compared with July, total US petroleum deliveries decreased 0.6%. For year-to-date, total US petroleum deliveries moved up 1.3% compared with the same period last year, Caspian Energy News (www.caspianenergy.net) reports with reference to OGJ.

The US economy continued to grow in August, adding 156,000 jobs, according to the US Bureau of Labor Statistics. The US unemployment rate and the number of unemployed persons increased slightly, up 4.4% and 7.1 million, respectively.

Distillate deliveries in August were up from the prior month, the prior year, and the prior year-to-date to reach the highest August deliveries in 10 years and the highest deliveries since March. Distillate deliveries averaged 4.1 million b/d, up 6.5% compared with August 2016, and were up 0.7% compared with July. For year-to-date, distillate deliveries increased 3.2% compared to year-to-date 2016.

Natural gas liquids production reached a record level last month. NGL production in August averaged 3.7 million b/d, up 1% from last month, 8.6% from last year, and 2.9% from last year-to-date.

According to the latest reports from Baker Hughes, the average US rig count for August decreased 0.6% from July but increased 96.9% from August 2016 to 947. This was the highest August count in 3 years, but remained the third lowest August count in 15 years. Year-over-year increases were seen for the eighth month straight.

More details:  http://www.ogj.com/articles/2017/09/api-us-petroleum-demand-highest-for-august-since-2007.html

Person in charge of the newsline: Fidan Isayeva

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