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2018-01-29 08:40:00

U.S. PETROLEUM DELIVERIES: 20.7 MBD

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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Earlier:

 N.America
2018, January, 26, 12:20:00

U.S. SHALE OIL BOOM

REUTERS - U.S. Energy Secretary Rick Perry told oil super-powers Russia and Saudi Arabia he believed U.S. shale oil boom would not become a spoiler for oil markets because new production would be absorbed by fast rising global demand.

 

 N.America
2018, January, 19, 12:30:00

U.S. FOSSIL FUELS WILL UP

EIA - EIA forecasts that total fossil fuels production in the United States will average almost 73 quadrillion British thermal units (Btu) in 2018, the highest level of production on record. EIA expects total fossil fuel production to then set another record in 2019, with production forecast to rise to 75 quadrillion Btu.

 

 N.America
2018, January, 17, 23:25:00

U.S. OIL +111 TBD, GAS + 890 MCFD

EIA - Crude oil production from the major US onshore regions is forecast to increase 111,000 b/d month-over-month in February to 6,549 million b/d, gas production to increase 890 million cubic feet/day to 64,071 million cubic feet/day .

 

 N.America
2018, January, 15, 10:00:00

FOSSIL FUELS DIVESTMENT $5 BLN

RBF - New York City Mayor Bill de Blasio and Comptroller Scott Stringer announced plans to divest the city’s five pension funds of approximately $5 billion in fossil fuel investments in an effort to safeguard the retirement plans of the city’s employees from the threat of underperforming assets. The total size of the retirement funds, $189 billion, makes New York City the largest American municipality to divest to date.

 

 N.America
2018, January, 10, 12:55:00

U.S. OIL INVENTORIES DOWN

BLOOMBERG - Futures climbed as much as 0.9 percent in New York after rising 2.5 percent the previous two sessions. Inventories fell by 11.2 million barrels last week, the American Petroleum Institute was said to report on Tuesday. If the draw is replicated in Energy Information Administration data Wednesday, it will be the biggest decline for this time of the year since 1999.

 

 N.America
2017, December, 20, 19:30:00

U.S. PETROLEUM DELIVERIES UP TO 19.9 MBD

API - Total petroleum deliveries in November rose to 19.9 million barrels per day. This was the strongest November monthly demand since 2007. Cumulatively through the first 11 months of the 2017, total domestic petroleum deliveries rose by 0.9 percent, which exceeded demand growth in 2016 despite higher prices.

 

 N.America
2017, October, 16, 11:55:00

U.S. ECONOMY UP

Economic activity in the United States has been growing moderately so far this year, and the labor market has continued to strengthen. The terrible hurricanes that hit Texas, Florida, Puerto Rico, and our neighbors in the Caribbean caused tremendous damage and upended many lives, and our hearts go out to those affected. While the effects of the hurricanes on the U.S. economy are quite noticeable in the short term, history suggests that the longer-term effects will be modest and that aggregate economic activity will recover quickly.

 

 

 

Tags: USA, PETROLEUM, DEMAND