U.S. OIL PRODUCTION 11 MBD
API - The American Petroleum Institute's latest monthly statistical report shows the U.S. produced a record 11.0 million barrels of crude oil per day (mb/d) in September. U.S. liquid fuels production grew 2.2 mb/d year-over-year (y/y), and the U.S. met virtually all global oil demand growth. As supply increased, crude oil inventories also rose in September but remained nearly 14 percent below those of September 2017.
"The United States has continued to lead the world in oil production growth this year and that growth is helping to meet growing energy needs at home and abroad despite production losses by some OPEC nations," said API Chief Economist Dean Foreman. "As a result, consumers have continued to enjoy affordable fuel prices that also are a key advantage for the U.S. economy."
With seasonal slowing after the summer driving season, U.S. petroleum demand slowed to 20.1 mb/d in September from 20.8 mb/d in August. Despite weaker demand, product inventories fell between August and September as refinery throughput slowed due to scheduled maintenance turnarounds.
Consequently, the market remained balanced in a way that continued to support prices. West Texas Intermediate (WTI) oil averaged $70.23 per barrel in September, up $2.17 per barrel from August. By contrast, international Brent crude oil prices averaged $78.89 per barrel, up $6.36 from August. Higher international prices reflected a market that has grappled with geopolitical uncertainties and the effects of Iranian sanctions.
- Strongest year-to-date jet fuel demand on record.
- Refinery and petrochemical feedstock demand up more than 0.5 mb/d since September 2017
- Global and U.S. oil prices and volatility diverged.
- Interest rates rose along with a solid economy.
- U.S. petroleum exports rebounded.
- U.S. petroleum inventories stable in the 5-year range.
More information is here.
|January, 18, 10:55:00|
|January, 18, 10:50:00|
|January, 18, 10:45:00|
|January, 18, 10:40:00|
|January, 18, 10:35:00|
|January, 18, 10:30:00|
PLATTS - Bangladesh is planning to step up efforts to liberalize its gas and LNG sectors from 2019 in order to boost private investment and enhance energy security, a move that would likely increase domestic downstream competition and affect the competitiveness of existing oil-linked LNG supply contracts.
NOVATEK - In 2018, NOVATEK’s hydrocarbon production totaled 548.4 million barrels of oil equivalent (boe), including 68.81 billion cubic meters (bcm) of natural gas and 11,800 thousand tons of liquids (gas condensate and crude oil), resulting in an increase in total hydrocarbons produced by 35.1 million boe, or by 6.9% as compared with the twelve months 2017.
REUTERS - International Brent crude oil futures LCOc1 were at $60.68 per barrel at 0703 GMT, 4 cents above their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 2 cents from their last settlement, at $52.13 a barrel.
REUTERS - Germany will try to protect German and European companies from some potentially “massive collateral damage” if Washington levies further sanctions against Russia, Foreign Minister Heiko Maas said.