U.S. PETROLEUM DELIVERIES UP 0.2%
API - Total petroleum deliveries in March moved up 0.2 percent from March 2016 to average nearly 19.7 million barrels per day. These were the highest March deliveries in nine years, since 2008. For the first quarter of 2017, total domestic petroleum deliveries, a measure of U.S. petroleum demand, were up 0.4 percent compared with the first quarter of 2016 to average 19.5 million barrels per day. These were the highest first quarter deliveries since 2008. According to the U.S. Bureau of Labor Statistics (BLS) April 7, 2017 report, the U.S. added 98,000 jobs in March. In addition, the unemployment rate (4.5 percent) and the number of unemployed persons (7.2 million) were down from prior month and the prior year.
Gasoline deliveries, a measure of consumer gasoline demand, in March were up from the prior month, but down from the prior year, and the prior first quarter. Total motor gasoline deliveries increased 4.3 percent from February, but were down 1.7 percent from March 2016 to average 9.2 million barrels per day. These were the second highest March deliveries ever recorded.
"The strong steady demand for fuel expanded economic activity in the manufacturing sector last month and the overall economy grew for the 94th consecutive month. Good news for workers and the economy," said Chief Economist, Erica Bowman.
U.S. crude oil production increased for the third month straight in 2017 by 1.4 percent, but posted declines compared to the prior year, and the prior first quarter levels. At an average of 9.2 million barrels per day, U.S. crude oil production decreased 0.2 percent from March 2016, and was down 1.8 percent from the first quarter of 2016. Natural gas liquids (NGL) production, a co-product of natural gas production, was up from the prior month and the prior first quarter, but was down from the prior year. NGL production in March averaged 3.4 million barrels per day, which was the second highest level for the month on record. This was 0.4 percent above February's output and 0.8 percent higher than the first quarter of 2016.
U.S. total petroleum imports in March averaged nearly 10.0 million barrels per day. This was the second highest March total petroleum imports level in five years, since 2012. Total petroleum imports were down 3.8 percent from the prior month, and down 0.1 percent compared with the prior year. For the first quarter of 2017, total petroleum imports were up 4.4 percent compared with the first quarter of 2016.
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LUKOIL - The plan is based on the conservative $50 per barrel oil price scenario. Sustainable hydrocarbon production growth is planned in the Upstream business segment along with the growth in the share of high-margin projects in the overall production. In the Downstream business segment, the focus is on the improvement of operating efficiency and selective investment projects targeted at the enhancement of product slate.
BP - BP will acquire on completion a 43% equity share in Lightsource for a total consideration of $200 million, paid over three years. The great majority of this investment will fund Lightsource’s worldwide growth pipeline. The company will be renamed Lightsource BP and BP will have two seats on the board of directors.
REUTERS - Brent crude was up 69 cents, or 1.1 percent, at $64.03 a barrel by 0743 GMT. It had settled down $1.35, or 2.1 percent, on Tuesday on a wave of profit-taking after news of a key North Sea pipeline shutdown helped send the global benchmark above $65 for the first time since mid-2015. U.S. West Texas Intermediate crude was up 45 cents, or 0.8 percent, at $57.59 a barrel.
ROSATOM - On December 10, 2017, the construction start ceremony took place at the Akkuyu NPP site under a limited construction licence issued by the Turkish Atomic Energy Agency (TAEK). Director General of the ROSATOM Alexey Likhachev, and First Deputy Minister of Energy and Mineral Resources of the Turkish Republic, Fatih Donmez, took part in the ceremony.