Overall domestic petroleum deliveries, a measure of demand, were flat in January with gains for gasoline and distillate fuel oil offset by declines for jet fuel and residual fuel oil, according to information from the American Petroleum Institute (API).
Gasoline deliveries rose 1.6 percent from January a year ago, though they remained well below levels seen at most other times of year other than at mid-winter. Distillate deliveries, which include both diesel and heating oil, jumped nearly five percent from a year ago. Jet fuel deliveries declined 1.5 percent, and residual fuel oil deliveries sank nearly eight percent.
Industry production of three of the four major products rose from year-ago levels, despite a drop in total inputs to crude oil distillation units, compared with last January. Refinery output of distillate fuel oil (including diesel fuel and heating oil) also reached a new January high that was more than four percent higher than a year earlier. Jet fuel production rose, leaving only residual fuel oil with an output decline.
Distillate inventories also declined seasonally by about 7 million barrels to 129.3 million barrels. That was down 7.3 percent from a year ago, though inventories of ultra-low sulfur diesel, at 67.6 million barrels, surpassed year-ago levels by more than 11 percent, according to API.