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2019-05-20 11:10:00

U.S. OIL PRODUCTION 12.1 MBD

U.S. OIL PRODUCTION 12.1 MBD

U.S. API - The American Petroleum Institute's latest Monthly Statistical Report (MSR) shows U.S. crude oil production sustained a record-tying 12.1 million barrels per day (mb/d) in April while total petroleum demand was the highest for the month since 2007 at 20.2 million barrels per day. Other April highlights include:

  • U.S. petroleum demand grew 1.2 percent year to year (y/y) in April.
  • Record gasoline demand at 9.5 million barrels per day.
  • Seasonally strong jet fuel demand at 1.7 million barrels per day.
  • Strongest refinery and petrochemical "other oils" feedstock demand since 2007 at 5 million barrels per day.
  • Total petroleum inventories grew to 4.5 percent y/y.

"Energy and economic growth go hand-in-hand," said API Chief Economist Dean Foreman.

"America's strong production and demand reflects strong consumer confidence. That combined with strong employment numbers is good news for the U.S. economy. America's energy revolution continues to be the backbone of this success, and all Americans continue to enjoy downward pressure on prices as a result."

The demand for distillates (diesel) fell by 10.9 percent between March and April and coincided with indicators that freight trucking and industrial activity slowed. API's economic indicator, the API DEI (Distillate Economic Indicator) decreased by 0.3 percentage points in April with a three-month average level of zero, which has reflected the slowing of U.S. total industrial production.

Moreover, U.S. petroleum international trade weakened between March and April: U.S. petroleum imports rose by 1.1 mb/d, about 60 percent of which was crude oil; and, crude oil exports fell by 0.4 mb/d, which contributed to increased domestic crude oil inventories. Although the rise in petroleum imports largely appeared to be seasonal, the decline in crude oil exports could reflect heightened trade frictions plus efforts to buy Iranian crude oil before sanction waivers expired on May 2.

"Strong domestic U.S. oil and natural gas production has continued to be an enabler for the United States' international agenda. This month's report particularly reinforces the critical importance of U.S. international trade relations and the infrastructure to supply our trading partners."

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Earlier:

U.S. OIL PRODUCTION 12.1 MBD
2019, May, 15, 11:52:00
U.S. ENERGY PRODUCTION UP 8%
The United States produced a record amount of energy from various sources in 2018, reaching 96 quadrillion British thermal units (quads), an 8% increase from 2017. This increase in production outpaced the 4% increase in U.S. energy consumption, which also reached a record high of 101 quads.
U.S. OIL PRODUCTION 12.1 MBD
2019, May, 15, 11:35:00
U.S. PRODUCTION: OIL + 83 TBD, GAS + 943 MCFD
U.S. EIA - Crude oil production from the major US onshore regions is forecast to increase 83,000 b/d month-over-month in June from 8,412 to 8,495 thousand barrels/day, gas production to increase 943 million cubic feet/day from 79,720 to 80,663 million cubic feet/day .
U.S. OIL PRODUCTION 12.1 MBD
2019, May, 13, 12:35:00
U.S. OIL PROFITABILITY $28 BLN
Net income for 43 U.S. oil producers totaled $28 billion in 2018, a five-year high. Based on net income, 2018 was the most profitable year for these U.S. oil producers since 2013, despite crude oil prices that were lower in 2018 than in 2013 on an annual average basis.
U.S. OIL PRODUCTION 12.1 MBD
2019, May, 13, 11:40:00
U.S. RIGS DOWN 2 TO 988
BHGE - U.S. Rig Count is down 2 rigs from last week to 988, with oil rigs down 2 to 805, gas rigs unchanged at 183, and miscellaneous rigs unchanged at 0. Canada Rig Count is up 2 rigs from last week to 63, with oil rigs up 5 to 22 and gas rigs down 3 to 41.
U.S. OIL PRODUCTION 12.1 MBD
2019, May, 6, 11:35:00
U.S. UNCOMPLETED WELLS UP
The number of drilled but uncompleted wells in seven key oil and natural gas production regions in the United States has increased over the last two years, reaching a high of 8,504 wells in February 2019,
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Tags: USA, OIL, PRODUCTION