OIL DEMAND ROSE
Total petroleum deliveries (a measure of demand) grew by 2.2 percent from July 2014 to average nearly 19.6 million barrels per day last month, according to API's Monthly Statistical Report for July 2015.
"Demand for and production of oil and refined products grew across the board over the last year," said API Chief Economist John Felmy. "In fact, demand for and production of oil and refined products were the highest July in eight years, since 2007."
Gasoline demand rose last month by 2.1 percent from July 2014 to just above 9.4 million barrels per day, and distillate demand rose 1.1 percent.
At an average of 9.5 million barrels per day, U.S. crude oil production increased by 8.8 percent from July 2014. This was the highest July level since 1920 for crude oil production.
Natural gas liquids production averaged nearly 3.4 million barrels per day, which was the highest for the month on record and set the new all-time record production level.
According to the latest reports from Baker-Hughes, Inc., the number of oil and gas rigs in the U.S. in July was 866, 53.8 percent below the year ago level. Last month's count was the second lowest count since January 2003.
U.S. total petroleum imports in July averaged nearly 9.4 million barrels per day, down 1.0 percent from the prior year. Meanwhile, crude oil imports in July were down compared with the prior year, falling by 5.5 percent from July 2014 to average 7.2 million barrels per day.
At an average of nearly 10.0 million barrels per day, production of gasoline in July was the second highest level ever for the month. Production of distillate fuel in July rose by 1.6 percent from the prior year to reach an average output of 5.1 million barrels per day, the second highest July level ever.
Refinery gross inputs in July rose by 0.1 percent from last year to reach a record high for the month at nearly 16.9 million barrels per day. Exports of refined petroleum products were up over the same period.
The refinery capacity utilization rate in July averaged above 90.0 percent for the fourth consecutive time this year at 94.0 percent. API's latest refinery operable capacity was 17.956 million barrels per day.
Crude oil stocks ended in July averaging at nearly 460.0 million barrels–the highest July inventory level in 85 years, since 1930. Stocks of motor gasoline ended down by 0.2 percent from last year, to 216.5 million barrels. Distillate, jet fuel, and "other oil" stocks were up from year ago levels
API is the only national trade association representing all facets of the oil and natural gas industry, which supports 9.8 million U.S. jobs and 8 percent of the U.S. economy. API's more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation's energy and are backed by a growing grassroots movement of more than 25 million Americans.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.