U.S. OIL DEMAND UP TO 20.6 MBD

API - the American Petroleum Institute reported that U.S. petroleum demand reached 20.6 million barrels per day (MBD) last month, the highest level since 2007. To satisfy demand, domestic refineries utilized 91.5 percent of their capacity – a record for the month of March – and processed 17 MBD of oil and natural gas liquids (NGLs). The U.S. also produced a record 10.4 MBD of crude oil plus another 3.9 MBD of NGLs.

“As the United States’ leading position in oil and natural gas markets advanced in March, consumers continue to enjoy affordable prices at the pump,” said API Chief Economist Dean Foreman. “Economic strength at home and abroad has spurred a virtuous cycle of U.S. oil demand, production and exports that in turn have helped to reinforce prices and motivate even greater infrastructure investment and U.S. drilling activity. The proverbial April surprise was that the U.S. drilling rig count eclipsed 1,000 for the first time since April 2015 and positioned the U.S. for further supply growth.”

The U.S. petroleum trade balance narrowed in March as the global thirst for U.S. crude oil and major refined product exports rose to 6.8 MBD, which also was a record for the month and an increase of 1.0 MBD from March 2017. With strong demand and exports, U.S. inventories fell in March by 4.9 percent year-over-year but rose compared with February. Within the total, inventories of crude oil and “other oils” increased between February and March, which is partly why domestic oil prices traded at a greater discount to international ones and NGL prices have fallen.

In addition, the U.S. exported 6.8 MBD of crude oil and refined product, increased 8.0 percent from February and 16.2 percent compared with March 2017. Crude oil exports of 1.6 MBD in March continued to rise and more than double those of March 2017.

March highlights:

• U.S. petroleum sustained its highest levels in 11 years.
  • Q1 2018 gasoline demand up from Q1 2017.
  • Jet fuel demand reached its highest level since 2000. 

• Solid leading indicators have underpinned the economy and energy demand supply.
• U.S. petroleum exports at record 6.8 million barrels a day year to date.
• Record March refinery throughput and March capacity utilization.

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Earlier:

2018, April, 20, 09:25:00 U.S. PETROLEUM DRILLING UP 35% API - natural gas and oil drilling and completions rose more than 35 percent over 2017 levels signaling the strength of the U.S. natural gas and oil industry. In addition, the success rate for exploration of natural gas and oil was more than 60 percent, the highest rate since 2009.

2018, April, 18, 13:07:00 U.S. OIL PRODUCTION +125 TBD, GAS +1,078 MCFD EIA - Crude oil production from the major US onshore regions is forecast to increase 125,000 b/d month-over-month in May from 6,871 to 6,996 thousand barrels/day , gas production to increase 1,078 million cubic feet/day from 65,829 to 66,907 million cubic feet/day .

2018, April, 6, 18:15:00 U.S. OIL PRODUCTION UP 5% EIA - Annual average U.S. crude oil production reached 9.3 million barrels per day (b/d) in 2017, an increase of 464,000 b/d from 2016 levels after declining by 551,000 b/d in 2016. In November 2017, monthly U.S. crude oil production reached 10.07 million b/d, the highest monthly level of crude oil production in U.S. history.

2018, March, 16, 10:15:00 U.S. PETROLEUM DEMAND: 20.3 MBD API - Led by gasoline and seasonal demand for heating fuels, U.S. petroleum demand hit 20.3 million barrels per day (MBD) in February. Demand was up by more than a million barrels per day from February of last year, nearing record highs not seen for more than a decade.

2018, March, 12, 08:40:00 U.S. OIL & GAS: 10.3 MLN JOBS API - “The oil and natural gas industry is a major contributor to the American economy and helps meet America’s constantly increasing energy needs. We support more than 10.3 million U.S. jobs and contribute $1.3 trillion to the U.S. economy - benefits that are felt across the country,” said API Director of Upstream and Industry Operations Erik Milito.

2018, March, 9, 13:35:00 U.S. OIL EXPORTS - 2017: 1.1 MBD EIA - Exports grew to 1.1 million barrels per day (b/d) in 2017, or 527,000 b/d (89%) more than exports in 2016, in the second full year of unrestricted U.S. crude oil exports. This is the largest single year-over-year increase of a petroleum (crude oil and petroleum products) export since 1920.

2018, February, 27, 13:55:00 U.S. OIL PRIODUCTION UP TO 10.2 MBD API - U.S. crude production rose to 10.2 million barrels per day (MBD) in January – the highest monthly output on record, according to API’s monthly statistical report. This was an increase of 1.1 percent versus December and 15.1 percent from January 2017.