U.S. PETROLEUM DEMAND: 20.3 MBD

API - Led by gasoline and seasonal demand for heating fuels, U.S. petroleum demand hit 20.3 million barrels per day (MBD) in February. Demand was up by more than a million barrels per day from February of last year, nearing record highs not seen for more than a decade.

"The economy and energy demand have continued to show solid momentum so far in 2018," said API Chief Economist Dean Foreman. "With U.S. oil and NGL production at record levels – and a resilient industry value chain that has absorbed the growth – consumers are benefiting from this momentum and enjoying affordable and reliable fuels made right here at home."

The strength in U.S. petroleum demand is consistent with indicators that the macroeconomic backdrop has remained solid. However, crude prices declined in February after seven consecutive monthly increases. International crude oil prices fell by more than domestic ones (5.4 percent m/m for Brent versus 2.3 percent m/m for WTI) in February. WTI crude oil prices averaged $62.23 per barrel, while Brent averaged $65.32 per barrel for the month.

At these prices February, U.S. supply achieved new highs for production of crude oil (10.3 MBD) and Natural Gas Liquids (NGLs) (4.1 MBD). U.S. refineries also processed crude and other feedstocks (16.4 MBD) at record levels for the month, which displaced petroleum imports other than a seasonal winter need for distillate.

In addition, the U.S. rig count climbed to 984 rigs as of March 9 and has averaged 959 rigs through Q1 2018 to date; this represents an increase of 4.0 percent above the average for Q4 2017 and should position U.S. production for continued growth.

February highlights:

• U.S. petroleum demand near its highest levels in 11 years.New dual records for U.S. oil and NGL production.
  • Gasoline demand eclipsed 9.0 MBD in February for only the third time ever.
  • Winter weather spurred February distillate demand growth.
  • Fuel oil demand rebounded with cold seasonal winter weather.
  • Despite a monthly decline, jet fuel demand was the strongest for February since 2007.
• New dual records for U.S. oil and NGL production.
• Rising crude oil exports more than offset a fall in U.S. refined product exports.
• Gasoline and jet fuel production led record February refinery output.

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Earlier:

2018, March, 14, 11:00:00 U.S. OIL + 131 TBD, GAS + 969 TBD EIA - Crude oil production from the major US onshore regions is forecast to increase 131,000 b/d month-over-month in April from 6,823 to 6,954 thousand barrels/day , gas production to increase 969 million cubic feet/day from 65,150 to 66,119 million cubic feet/day .

2018, March, 11, 11:00:00 U.S. RIGS UP 3 TO 984 BAKER HUGHES A GE - U.S. Rig Count is up 3 rigs from last week to 984, with oil rigs down 4 to 796, gas rigs up 7 to 188. Canada Rig Count is down 29 rigs from last week to 273, with oil rigs down 15 to 196 and gas rigs down 14 to 77.

2018, March, 9, 13:35:00 U.S. OIL EXPORTS - 2017: 1.1 MBD EIA - Exports grew to 1.1 million barrels per day (b/d) in 2017, or 527,000 b/d (89%) more than exports in 2016, in the second full year of unrestricted U.S. crude oil exports. This is the largest single year-over-year increase of a petroleum (crude oil and petroleum products) export since 1920.

2018, February, 27, 13:55:00 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.

2018, February, 12, 07:25:00 U.S. SALES 100 MB PLATTS - Congress early Friday approved a two-year budget agreement which mandates the sale of 100 million barrels of crude oil from the Strategic Petroleum Reserve within a decade and authorizes sales of another $350 million of government-owned crude this fiscal year.

2018, January, 29, 08:40:00 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.

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.