It was a big month for “third ever” things in the latest monthly US Energy Information Administration report, which summarizes June data.
The EIA doesn’t provide a single number for US net import dependence expressed as a percentage of demand. So you get it yourself by dividing an EIA category called “Products Supplied” by the net import dependence figure quoted in barrels.(See the comment of Doug McIntyre of the EIA below.) That figure for June was 33.35%. Since the ongoing shift in net import dependence and demand patterns began toward the end of 2008, that is the third lowest figure, after last December and the February figure two months later, which clocked in at a recent low of 32.11%. The highest ever was 65.94% in October 2005. So, current net import dependence measured as a percentage of demand is just about half the all-time high.
- Actual net import dependence in barrels was 6.245 million barrels. That’s the third lowest since the great reversal. (Should that be capitalized? The Great Reversal, when oil production began its rise and demand started its decline. OK, we’ll do that for today). The other two times were those same two months listed above: December 2012 and February 2013. Net import dependence in barrels for those months was slightly less than 6 million b/d. All-time high? 13.44 million b/d in August 2006.
- One area that was a record high is total barrels of crude and products exported. At 3.545 million b/d, that was an all-time record.
- Record exports of all distillates at 1.285 million b/d — which was a whopping 200,000 b/d higher than the previous record, set one year earlier — lends support to the discussion that avoiding the need to buy RINs may lead refiners and others to export product rather than sell it into the RFS-governed US market. Finished gasoline exports of 347,000 b/d were nowhere near a record, but were significantly more than a month earlier.
- Imports of Algerian crude, pressured by the growth in light crude output in the US, registered as zero for the month. That happened a few months ago also.
- Monthly crude output of 7.201 million b/d was — you guessed it — the third-highest since the Great Reversal. Weekly data indicates output has surged past that, with the report released Wednesday putting it last week at 7.6 million b/d.