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.
"In Olympic fashion, U.S. crude oil production scored a perfect "10" in January," said API Chief Economist Dean Foreman. "Record production of 10.2 MBD combined with a new high for refinery throughput, plus 6.3 MBD of crude oil and refined product exports, helped to narrow the price difference between U.S. and international crude prices last month, which reinforced the increasingly pivotal role of U.S. energy."
As U.S. crude exports rose, the price premium of international Brent crude oil prices above domestic West Texas Intermediate (WTI) crude oil narrowed to $3.50 per barrel as of February 5th from $5.38 per barrel at the end of January and $6.50 per barrel in December.
Separately, natural gas liquids production sustained near-record output in January at 4.0 MBD, which was an increase of 18.4 percent versus January 2017. According to the EIA's Short-Term Energy Outlook, released February 6, 2018, U.S. dry natural gas production averaged 77.6 billion cubic feet per day during January, which was up 9.9 percent from January 2017.
In addition to strong output and exports, U.S. petroleum demand, as measured by total domestic petroleum deliveries, rose to 20.3 million barrels a day in January, which was an increase of 5.5 percent compared with January 2017. It was the strongest January monthly demand since 2007.
- Consumer gasoline demand rose by 3.0 percent y/y to 8.8 MBD, which reflected how increases in economic growth and income have trumped the rise in crude oil and gasoline prices.
- With indicators of solid industrial activity and freight transportation, January distillate demand eclipsed 4.1 MBD, which was an increase of 0.8 percent versus December and 9.0 percent compared with January 2017. The 9.0 percent year to year increase marked a reversal of three years of declines for the month.
- Residual fuel oil, which is used for electric power production, space heating, vessel bunkering and other industrial applications, fell to 284 thousand barrels per day (KBD) in January. This represented decreases of 35.2 percent from December and 38.3 percent versus January 2017 and suggested increased natural gas substitution.
- "Other oils" – liquid petrochemical feedstocks, naphtha and gasoil – demand of 5.5 MBD was the highest monthly demand on record and second highest share of total monthly deliveries since 1965.
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МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 августа по 14 сентября 2018 года составила $74,45568 за баррель, или $543,5 за тонну. Согласно расчетам Минфина России экспортная пошлина на нефть в РФ с 1 октября 2018 года повысится на $7,5 и составит $137,5 за тонну.
PLATTS - Saudi production has since risen to 10.42 million b/d in August, the country reported to OPEC in the organization's most recent monthly oil market report. Saudi Arabia's crude oil stocks, which have been declining steadily over the last three years, fell to 229.41 million barrels in July, down 11.4% since May 2017, the JODI data showed.
U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 79,000 b/d month-over-month in October from 7,515 to 7,594 thousand barrels/day , gas production to increase 961 million cubic feet/day from 72,127 to 73,088 million cubic feet/day .
REUTERS - Beijing on Tuesday said it would tax U.S. products worth $60 billion effective Sept. 24 in retaliation for tariffs imposed by U.S. President Donald Trump in an escalating trade war.