U.S. OIL PRODUCTION 11.7 MBD

API  - the U.S. natural gas and oil industry established multiple records in December, including the highest:

• U.S. production of crude oil (11.7 mb/d) and natural gas liquids (NGLs) (4.8 mb/d);
• Crude oil exports (2.4 mb/d, tie with Nov. 2018);
• Annual gasoline demand (9.3 mb/d, tie with 2016 and 2017);
• Refinery and petrochemical feedstock demand for December (5.5 mb/d);
• Refinery throughput for the month of December (17.7 mb/d) and year (17.3 mb/d); and,
• Refinery capacity utilization for the month of December (95.0 percent) and year (93.0 percent, tie with 2004).

“With strong economic growth in 2018 and remarkable productivity by the natural gas and oil industry, the United States contributed more than 2.1 million barrels per day of new oil supplies in 2018, including all liquid fuels, which was the greatest addition to supply that the world has ever seen in a single year. The U.S. met virtually all of the growth in global oil demand for the year – more than compensating for declines among OPEC nations,” said API Chief Economist Dean Foreman.

With record refinery throughput, total petroleum inventories – led by refined products – built to within 2.6 percent of the maximum of the 5-year historical range.  Meanwhile, the U.S. also took another step closer to energy independence with petroleum net imports falling below 2.0 million barrels per day in December.

Markets remained resilient and, despite trade frictions with China, U.S. petroleum trade has found other international markets.

More information is here.

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Earlier:

2019, January, 23, 11:20:00 U.S. PRODUCTION: OIL + 62 TBD, GAS + 849 MCFD U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 62,000 b/d month-over-month in February from 8,117 to 8,179 thousand barrels/day , gas production to increase 849 million cubic feet/day from 76,708 to 77,557 million cubic feet/day .

2019, January, 21, 10:55:00 U.S. RIGS DOWN 25 TO 1,050 BHGE - U.S. Rig Count is down 25 rigs from last week to 1,050 rigs, with oil rigs down 21 to 852 and gas rigs down 4 to 198. Canada Rig Count is up 25 rigs from last week to 209, with oil rigs up 25 to 128 and gas rigs unchanged at 81.

2019, January, 16, 11:35:00 GERMANY PROTECTS EUROPE 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.

2019, January, 16, 11:25:00 U.S. SANCTIONS FOR OMV REUTERS - Threatening to impose U.S. sanctions on companies involved in the Russian-backed Nord Stream 2 pipeline is unacceptable, the head of Austria’s OMV, which has a stake in the project, told Germany’s Handelsblatt.

2019, January, 14, 12:15:00 U.S. SANCTIONS FOR GERMANY REUTERS - The United States has warned German companies involved in the Russian-led Nord Stream 2 gas pipeline that they could face sanctions if they stick with the project.

2019, January, 14, 11:00:00 U.S. RIGS UP 0 TO 1,075 BHGE - U.S. Rig Count is unchanged from last week at 1,075 rigs, with oil rigs down 4 to 873 and gas rigs up 4 to 202. Canada Rig Count is up 108 rigs from last week to 184, with oil rigs up 83 to 103 and gas rigs up 25 to 81.

2019, January, 7, 09:55:00 U.S. OIL INVENTORIES 441.4 MBBL OGJ - US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, remained virtually unchanged for the week ended Dec. 28, 2018,