U.S. OIL PRODUCTION 11.6 MBD

U.S. API - The American Petroleum Institute's latest monthly statistical report showed the highest ever monthly production for oil and natural gas liquids (NGLs). The U.S. produced a record 11.6 million barrels of oil per day (mb/d) and a record 4.8 mb/d of NGLs in November. Crude exports also hit a record high at 2.4 million barrels per day last month, and U.S. petroleum net imports fell at their lowest monthly level in more than 50 years at 2.2 million barrels per day.

"Robust American energy production has solidified the United States' position as the world's #1 oil producer; this has enhanced our energy security, economy and benefitted consumers at home and aboard," API Chief Economist Dean Foreman. "Importantly, record natural gas liquids production of 4.8 mb/d in November also made the U.S. natural gas industry the world's #4 oil producer, narrowly edging out Iraq. To continue this success in 2019 and beyond, the industry needs policies to foster access to resources, investment in domestic and export infrastructure, a level playing field through cogent energy policies, and trustful international trade relations."

November MSR highlights:

• U.S. petroleum demand at 20.7 mb/d, strongest year to date since 2007.
• Jet fuel demand record at 1.8 mb/d.
• Record gasoline demand year to date through November at 9.3 mb/d.
• Record refinery and petrochemical feedstock demand at 5.4 mb/d.
• Record refinery throughput at 17.3 mb/d.

Separately, the latest API Q4 industry outlook further highlights how important emerging oil and natural gas market trends reinforce the policy priorities. Beginning six months ago, we correctly highlighted the tide turned for the global economy and oil markets with indicators of slower growth and elevated risks that belied strong demand through the middle of 2018.

"Although concerns for global economic and oil demand growth have escalated, the U.S. stepped up to meet virtually all global demand growth in 2018 and is poised to do so again in 2019. However, infrastructure constraints have added uncertainty about future production and pricing and contributed to a record backlog of drilled but uncompleted wells, raising the imperative to advance infrastructure and international market access."

The Q4 report highlights:

• Global growth slowed in Q3 and furthers concerns for emerging market sustainability, as mirrored in reports by the International Monetary Fund and Bank of International Settlements.
• Global oil markets shifted to a surplus beginning in Q4 (per EIA) with strong supply and slowing demand growth.
• The U.S. met virtually all global oil demand growth in 2018 and solidified its position as the #1 producer with record high crude oil exports and low petroleum net imports.
• U.S. natural gas sustained 12 percent annual growth in Q4 2018 (EIA).
• Near-term prices have been up with low stocks and cold weather, but looking beyond near-term seasonality the decline in breakeven prices and increase in production suggest the market remains demand-limited.

More information is here and  here.

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Earlier:

2018, December, 17, 10:00:00 U.S. RIGS DOWN 4 TO 1,071 BHGE - U.S. Rig Count is down 4 rigs from last week to 1,071, with oil rigs down 4 to 873 and gas rigs unchanged at 198. Canada Rig Count is down 12 rigs from last week to 174, with oil rigs down 7 to 95 and gas rigs down 5 to 79.

2018, December, 3, 11:55:00 U.S. PRODUCTION: OIL +1.1%, GAS +1.8% U.S. EIA - Crude oil production increases 1.1% in September from 11,346 to 11,475 thousand barrels/day , gas production increases 1.8% from 102,659 to 104,461 million cubic feet/day .

2018, November, 30, 11:40:00 U.S. OIL GAS RESERVES 2017 U.S. EIA - Proved reserves of crude oil in the United States increased 19.5% (6.4 billion barrels) to 39.2 billion barrels at Year-End 2017, setting a new U.S. record for crude oil proved reserves. The previous record was 39.0 billion barrels set in 1970. Proved reserves of natural gas increased by 123.2 trillion cubic feet (Tcf) (36.1%) to 464.3 Tcf at year-end 2017—a new U.S. record for total natural gas proved reserves. The previous U.S. record was 388.8 Tcf, set in 2014.

2018, November, 28, 12:55:00 U.S. ENERGY PRESSURE FT - in the third quarter of this year the US E&P sector was able to cover its capital spending from its operating cash flows, if only barely. The plunge in oil prices over the past two months is bringing those concerns gushing to the surface again.

2018, November, 19, 11:30:00 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.

2018, November, 16, 09:10:00 U.S. OIL INVENTORIES UP U.S. EIA - U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 10.3 million barrels from the previous week.

2018, November, 14, 12:00:00 U.S. PRODUCTION: OIL + 113 TBD, GAS + 1,038 MCFD U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 113,000 b/d month-over-month in December from 7,831 to 7,944 thousand barrels/day , gas production to increase 1,038 million cubic feet/day from 74,041 to 75,079 million cubic feet/day .