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2019-02-18 12:15:00

U.S. OIL PRODUCTION 11.9 MBD AGAIN

U.S. OIL PRODUCTION 11.9 MBD AGAIN

APIthe energy industry kicked off 2019 with record-setting numbers. The American Petroleum Institute’s latest Monthly Statistical Report (MSR) shows the U.S. natural gas and oil industry set multiple records in January, including:

  • Strongest gasoline demand (8.9 million barrels per day, mb/d) for the month January on record since 1945. 
  • Record refinery and petrochemical demand for other oils’ in any month (5.7 mb/d)
  • U.S. production of crude oil (11.9 mb/d) and natural gas liquids (NGLs) (4.9 mb/d)
  • Refinery throughput (17.3 mb/d) and capacity utilization (93.1 percent) for the month of January.

“The U.S has continued to meet virtually all of the growth in global oil demand, more than compensating for sanctioned Venezuelan crude and reduced OPEC production,” said API Chief Economist Dean Foreman. “America’s strong production has continued to keep fuel prices low benefiting consumers, businesses and our allies overseas.”

Despite strong domestic demand, total U.S. petroleum inventories in January were 5.8 percent above their historical 5-year average.  Notably, however, U.S. petroleum exports decreased to 7.5 mb/d with lower exports of crude oil and refined products, which may be indicative of slowing global oil demand and economic growth.  

U.S. leading economic indicators gave mixed signals in January.  However, one measure of international shipping activity – the Baltic Dry Index – was clear and fell by 47.4 percent m/m between the end of December and January.  The only larger declines on record were during the Financial Crisis, in October and November 2008. 

On the domestic economic front, API’s Distillate Economic and Financial Indicator (DEFI) as unveiled last month combines industry fundamentals from the Monthly Statistical Report (MSR) with oil prices and interest rates into an indicator of U.S. industrial production and economic growth.  Based on data through January, DEFI’s growth year-over-year slowed by 0.3 percentage points for the second consecutive month.

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Earlier: 

 N.America
2019, February, 15, 12:00:00

OPEC REMAINS HARD

PLATTS - "Our primary objective is to ensure that the oil market remains in balance throughout 2019 and beyond in order to build on the success of the past couple of years," added Barkindo.

 
 N.America
2019, February, 1, 11:25:00

U.S. OIL PRODUCTION 11.9 MBD

U.S. EIA - U.S. crude oil production rose to a new high of 11.9 million barrels per day in November, up 345,000 bpd from the previous month,

 
 N.America
2019, January, 28, 10:15:00

U.S. OIL PRODUCTION 11.7 MBD

API - 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);

 
 N.America
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 .

 
 N.America
2018, December, 24, 11:55:00

U.S. OIL CAPEX DOWN

PLATTS - Three aggressive independent Permian Basin upstream operators released capital budgets for 2019 in the last few days that are lower than either prior expectations or actual 2018 spending by at least 12% to 15%, as corporate executives attributed reduced activity to the recent plunge in oil prices.

 
 N.America
2018, December, 21, 14:25:00

U.S. OIL PRODUCTION 11.6 MBD

API - 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.

 
 N.America
2018, December, 21, 14:20:00

U.S. PRODUCTION: OIL + 134 TBD, GAS + 1,127 MCFD

U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 134,000 b/d month-over-month in January from 8,032 to 8,166 thousand barrels/day , gas production to increase 1,127 million cubic feet/day from 75,789 to 76,916 million cubic feet/day .

Tags: USA, OIL, GAS, PRODUCTION