U.S. PETROLEUM DEMAND UP TO 19.9 MBD
API - Total petroleum deliveries in October moved up by 1.1 percent from October 2016 to average 19.9 million barrels per day. These were the highest October deliveries in 10 years, since 2007. Compared with September, total domestic petroleum deliveries, a measure of U.S. petroleum demand, decreased 1.8 percent. For year-to-date, total domestic petroleum deliveries moved up 1.2 percent compared to the same period last year.
"The economy continues to grow as fuel demand remains strong and more people find work," said API Director of Statistics Hazem Arafa. "Unemployment went down last month and gas prices remain relatively low benefiting American businesses and workers."
Gasoline production was up from the prior month, but was down from the prior year and the prior year-to-date. In October, gasoline production reached the second highest output for the month of October, up 3.5 percent from the prior month, but down 0.2 percent from the prior year to average 10.0 million barrels per day in October. For year-to-date, gasoline production decreased 1.5 percent compared to the same period last year and was the second highest year-to-date on record. Distillate production in October reached the highest production level for the month of October at just below 5.0 million barrels per day. This was up 9.7 percent from the prior month, up 7.4 percent from the prior year, and up 3.0 percent from the prior year-to-date. Distillate production year to date 2017 was the second highest year to date on record. Kerosene-jet production averaged nearly 1.6 million barrels per day in October, reaching the second highest output in October since 2000.
U.S. crude oil production in October remained strong and above 9.0 million barrels per day for the ninth consecutive month. Domestic crude oil production increased 7.0 percent from the prior year and reached the highest October output in 45 years, since 1972, to average 9.4 million barrels per day in October. Compared with the prior month and the prior year to date, crude oil production decreased 1.1 percent and increased 3.3 percent, respectively. The month-ago declines in crude oil production likely reflected the impact of Hurricane Nate.
U.S. total petroleum imports decreased 5.4 percent from September and decreased 0.8 percent from October 2016 to average just above 9.6 million barrels per day in October. These were the lowest imports since November 2015. For year-to-date, total petroleum imports were up 1.6 percent compared with year-to-date 2016. Crude oil imports decreased 3.6 percent from October 2016 to 7.3 million barrels per day in October. These were the third lowest imports for the month of October in 21 years, since 1996. Compared with September, crude oil imports were 2.1 percent lower. For year-to-date, crude imports were up 2.2 percent compared with year-to-date 2016.
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WNN - "We met today to confirm the continuing commitment of the European Commission and the Atomic Energy Organisation of Iran towards the implementation of the Joint Comprehensive Plan of Action, and in particular its Annex III which addresses civil nuclear cooperation," Cañete and Ali Akhbar Salehi, president of the AEOI, said in a joint statement on 19 May. "We believe that the continuing implementation of the JCPOA, which was unanimously endorsed by UN Security Council Resolution 2231, is crucial for the development and progress of the region as well as the global peace and security."
BLOOMBERG - Natural gas will probably emerge as the main fossil fuel “winner” as it balances renewables in power generation and is used as a substitute for oil in petrochemicals. Long-term gas demand is set to increase by 15 percent, or by 750 billion cubic meters, compared to business as usual,
WNN - The United States, Canada, and Japan are launching the Nuclear Innovation: Clean Energy (NICE) Future Initiative. This global effort will make sure nuclear has a seat at the table during discussions about innovation and advanced clean energy systems of the future.
AOG - The agreement between ADNOC and ISPRL, which was initiated in January 2017 during a visit to India by a high-ranking UAE delegation, led by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, covers the storage of 5.86 million barrels of ADNOC crude oil in underground facilities, at the Karnataka facility. The first shipment, of approximately two million barrels of crude oil, will be followed by further shipments after India’s annual monsoon season.