U.S. PETROLEUM DELIVERIES: 20.7 MBD
API - Total petroleum deliveries in December rose to 20.7 million barrels per day. This was the strongest December monthly demand in the last decade. For 2017, total domestic petroleum deliveries rose by 1.0 percent year-on-year, despite oil prices that rose over the second half of the year. U.S. oil production also continued to increase in December to 9.75 million barrels per day (MBD), a 47-year high, while U.S. exports of crude oil and refined products – up by nearly 1.0 MBD for 2017 – set new records.
"Historically, solid global and U.S. economic growth have set the stage for strong oil and gas industry activity," said API Chief Economist Dean Foreman. "Upstream drilling began 2018 on a strong note with rigs up 35 percent from a year ago, and downstream refinery utilization of 94.8 percent in December was the third highest rate in more than 12 years. Oil demand goes hand-in-hand with economic growth, and leading economic indicators have continued to suggest expanding business conditions."
Consumer gasoline demand, as measured by total motor gasoline deliveries, rose by 0.5 percent from a year ago to 9.3 MBD, which was the strongest December since 2006 and the highest annual gasoline deliveries on record. Consequently, annual 2017 gasoline demand was the highest on record and reflected a combination of solid economic growth and relatively low prices.
In December, U.S. crude oil production rose to 9.75 MBD, which was an increase of 11.1 percent from December 2016 and 0.6 percent versus November; this was the highest monthly output in nearly 47 years, since April 1971. For 2017, U.S. crude oil production increased by 4.9 percent from 2016 levels.
Natural gas liquids production, a co-product of natural gas production, achieved record output for the month of December at nearly 4.0 MBD, up by 6.3 percent from November, 17.8 percent from December 2016, and 5.7 percent for 2017. Additionally, U.S. dry natural gas production averaged a record-high 78.1 billion cubic feet per day during December 2017, which was up by 1.1 percent from November and 9.8 percent from December 2016.
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AOG - The Dubai Electricity & Water Authority (DEWA) is to invest around $22bn on new energy projects across the next five years, with the renewables sector accounting for an increasing share of electricity generation, according to CEO Saeed Mohammed Al Tayer.
TRANSCANADA - TransCanada Corporation (TSX:TRP) (NYSE:TRP) (TransCanada or the Company) announced net income attributable to common shares for fourth quarter 2017 of $861 million or $0.98 per share compared to a net loss of $358 million or $0.43 per share for the same period in 2016. For the year ended December 31, 2017, net income attributable to common shares was $3.0 billion or $3.44 per share compared to net income of $124 million or $0.16 per share in 2016.
ROSATOM - February 13, 2018, Moscow. – ROSATOM and the Ministry of Scientific Research and Technological Innovations of the Republic of Congo today signed a Memorandum of Understanding on cooperation in the field of peaceful uses of atomic energy.
FRB - Industrial production edged down 0.1 percent in January following four consecutive monthly increases. Manufacturing production was unchanged in January. Mining output fell 1.0 percent, with all of its major component industries recording declines, while the index for utilities moved up 0.6 percent. At 107.2 percent of its 2012 average, total industrial production was 3.7 percent higher in January than it was a year earlier. Capacity utilization for the industrial sector fell 0.2 percentage point in January to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2017) average.