U.S. OIL DEMAND UP TO 19.3 MBD
API - Total petroleum deliveries moved up by 1.2 percent from the prior year to nearly 19.3 million barrels per day in January 2017. These were the highest January deliveries in nine years, since 2008.
The overall economy in the U.S. showed gains in January, adding 227,000 jobs according to the U.S. Bureau of Labor Statistics (BLS). The U.S. unemployment rate was little changed at 4.8 percent in January.
Gasoline deliveries in January were down from the prior year and the prior month. Total motor gasoline deliveries, a measure of consumer gasoline demand, decreased 2.6 percent from January 2016, to average 8.4 million barrels per day– the lowest demand in 36 months.
"2017 is off to a solid start. Consumers continued to save at the pump as gasoline prices remained steadily low and the economy grew, expanding for the 92nd consecutive month," said Chief Economist, Erica Bowman.
Crude oil production increased 1.0 percent from December 2016, but was down by 2.5 percent from January 2016 to average almost 9.0 million barrels per day in January 2017. This was the third highest January since 1986. Natural gas liquids (NGL) production, a co-product of natural gas production, was up from both the prior month and prior year. NGL production in January averaged 3.5 million barrels per day, up 1.9 percent from last month and was 6.6 percent higher than last year. This was the highest January output level on record.
U.S. total petroleum imports in January averaged 10.7 million barrels per day, up 6.3 percent from the prior month and up 9.7 percent from the prior year. Crude oil imports in January were at their highest level since September 2012. Crude oil imports increased by 8.2 percent from January 2016, to 8.3 million barrels per day in January 2017.
Crude oil stocks ended in January at 499.5 million barrels– the highest January inventory level in 87 years, since 1930. Crude stocks were up 3.4 percent from the prior month, and were up 6.6 percent from the prior year. Total inventories of all oils were up 4.3 percent from year ago levels, and up 3.1 percent from month ago levels.
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PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.
AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.
WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.
REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.