The overall verdict: demand remains strong but supplies remain high, and for all the major transportation products, production for the month outpaced demand, allowing for fuel to be exported.

Total petroleum deliveries in May climbed 3.1% from May 2015 to average 19.7 million b/d, the highest May deliveries in eight years, since 2008. Year-to-date deliveries are up 1.8%, API says.

Gasoline deliveries led the way, averaging more than 9.4 million b/d in May — the highest may deliveries on record, rising 2.1% from May 2015.

Distillate deliveries climbed 2.4% for the month to 3.884 million b/d but trail year-ago levels by 4.6% when they were 4.12 million b/d.

Jet fuel deliveries edged up 1.3% in May from a year ago to 1.527 million b/d, a number that puts year-to-date volumes at 1.518 million b/d, up 3.4%.

Despite the robust demand numbers, API notes that production of all four major products — gasoline, distillate, jet fuel and residual fuels — was higher than demand, so refined products were exported.

Gasoline production topped demand by 334,000 b/d; jet fuel demand topped production by 63,000 b/d; and distillate production outpaced demand by roughly 1 million b/d. Exports absorbed most of the excess for all products, even as exports declined from prior-year levels.

API points out that crude oil stocks ended May at 531.4 million barrels, the highest May inventory record in 96 years, since 1920. They did drop 1.7% from April levels but remain 52 million barrels or 10.9% higher than prior-year numbers.

Gasoline stocks ended May up 1.7% from April and 9.6% from last year to be the highest May inventory levels in 32 years, since 1984. Distillate supplies ended May the highest in 35 years since 1981.

Refinery gross inputs moved down 2% from May 2015, but remained the second-highest inputs for the month of May, averaging 16.3 million b/d based on operable capacity of 18.21 million b/d.