API: US petroleum demand continued to grow in May
US petroleum demand in May, as measured by total domestic petroleum deliveries, was 19.8 million b/d, according to the American Petroleum Institute (API)’s latest Monthly Statistical Report. This reflected an increase of 1% from April and was 3.1% over the 5-year average.
API’s primary data for May 2021 reinforced how the recoveries in US economic growth and petroleum demand have continued to go hand-in-hand. The Institute for Supply Management’s manufacturing Purchasing Managers Index (PMI) had a reading of 61.2 in May, a 0.5 percentage point increase from April’s 48-year monthly historical high. Index values above 50 suggest an expansion, and the manufacturing PMI has exceeded that threshold for 12 consecutive months. According to the Bureau of Labor Statistics (BLS), non-farm payrolls increased by 559,000, and the unemployment rate declined by 0.3% to 5.8% in May.