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U.S. Oil Imports Lowest for June in 21 Years, API Says

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July 17 (Bloomberg) -- Total U.S. imports of crude and fuel in June dropped to the lowest level for the month since 1993 as domestic production surged, the American Petroleum Institute said.

Imports were below 10 million barrels a day for a 10th consecutive month, the industry-funded group said today in a monthly report. Total imports dropped 5.7 percent from a year earlier to 9.23 million barrels a day.

“A wide range of measures show continued strength in petroleum demand and domestic supply last month with imports around 20-year lows,” John Felmy, chief economist at the API in Washington, said in the report.

U.S. crude oil output increased 16 percent to 8.35 million barrels a day, the highest for June since 1986. Output of natural gas liquids, a byproduct of gas drilling, climbed 18 percent to a record 2.94 million.

Production of gasoline advanced 7.6 percent to 10.1 million barrels a day last month, a record for June and the second-highest level ever. Output of distillate fuel rose 2.5 percent to 4.91 million, a record for the month of June.

Total deliveries of petroleum products, a measure of demand, climbed 1.5 percent from a year earlier to 19 million barrels a day in June. It was the lowest level for the month since 2011. Demand increased for gasoline, distillate fuel and jet fuel.

Gasoline consumption increased 4 percent to 9.32 million barrels a day, the highest level for June since 2007. Demand for distillate fuel, which includes diesel and heating oil, climbed 3 percent to 3.78 million. Jet fuel consumption surged 8.4 percent to 1.55 million.

Demand for residual oil, used for commercial and industrial heating, electricity generation and ship propulsion, dropped 11 percent to 270,000 barrels a day.

To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net

To contact the editors responsible for this story: Dan Stets at dstets@bloomberg.net Richard Stubbe, Stephen Cunningham

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