US crude oil imports hit 16 year February lows : API

WASHINGTON (Scrap Monster) : According to the monthly statistics released by the American Petroleum Institute (API), the US crude oil imports have hit new lows during the month of February.

In February, total imports were at 9.9 million barrels per day, their lowest level since 1998, down by 5.8 percent from the prior year and down by 4.8% from the prior month. Canadian crude imports fell 9% in February year on year to 2.3 million barrels per day but were up 9% from January levels, according to API report. 

On the other hand, the total U.S. crude oil production touched 7.1 million barrels per day. This is significantly higher than the prior month, prior year and prior year to date.

Total U.S. petroleum demand was down 4.1 percent for February against the same month a year ago – to the lowest February level in 20 years (since 1993).

 Gasoline deliveries were down from February a year ago by 3.1 percent while distillate deliveries fell by 7.3 percent, driven by the relative weakness of ultra-low-sulfur distillate deliveries (down by 6.1 percent from February 2012). February demand was also down for kerosene jet fuel by 8.7 percent and for residual fuel oil by 12.6 percent. The demand for other oils rose by 4.8% though. 

 API, with more than 500 affiliated members, is a national trade association that represents all segments of America’s technology-driven oil and natural gas industry.