U.S. OIL PRODUCTION 9 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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WNN - Asia needs nuclear energy to meet its economic, energy and environmental goals, but such plans are still in the development phase in the South East region of the continent, Agneta Rising, director general of World Nuclear Association, said.
NPD - Preliminary production figures for February 2018 show an average daily production of 1 944 000 barrels of oil, NGL and condensate, which is a decrease of 83 000 barrels per day compared to January.
AOG - China National Petroleum Corporation (CNPC), the world’s third largest oil company, has been awarded stakes in two of Abu Dhabi’s offshore concession areas following the signing of agreements with Abu Dhabi National Oil Company (ADNOC).
REUTERS - U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.69 a barrel at 0744 GMT, up 15 cents, or 0.2 percent, from their previous close. Brent crude futures LCOc1 were at $67.56 per barrel, up 14 cents, or 0.2 percent.