U.S. PETROLEUM DEMAND 20.8 MBD
U.S. API - U.S. petroleum demand in October of 20.8 million barrels per day (mb/d) was the strongest for the month since 2006 and a continued reflection of solid economic activity. New U.S. records for the month of October included:
- Demand for gasoline (9.5 mb/d);
- Refining and petrochemical demand for liquid feedstocks, naphtha, and gasoil (“other oils”, 5.1 mb/d); and,
- Refinery throughput (16.6 mb/d).
The United States also produced 11.2 mb/d of crude oil and another 4.5 mb/d of natural gas liquids (NGLs) in October, continuing to meet virtually all global oil demand growth so far in 2018. The Energy Information Administration (EIA) separately revised its short-term outlook to project a global oil supply surplus and lower prices for this quarter through 2019. With EIA final data for August (11.3 mb/d for crude oil and 4.6 mb/d for NGLs), the October U.S. production levels were not records but nonetheless reflected strong investment, drilling activity, and output. As supply growth outpaced that of refinery throughput and exports, U.S. crude oil inventories rose 6.3 percent between September and October; this was the biggest monthly accumulation since March 2015.
In October, U.S. petroleum exports (7.6 mb/d) increased for a second consecutive month since a setback in August, when China stopped purchasing U.S. crude oil. However, with U.S. oil prices having remained more than $9.00 per barrel below international levels, the European Union, Japan, Mexico, and Canada in total increased their purchases of U.S. crude oil and refined products by more than $1.0 billion between August and September.
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