2020-08-26 12:45:00
U.S. OIL MARKET UPDOWN
U.S. API - August 20, 2020 - U.S. petroleum markets continued to gradually improve in July with inventories backing down from record highs and demand posting its third consecutive monthly increase since April, according to data released today in the American Petroleum Institute’s July 2020 Monthly Statistical Report (MSR)
“Although the market remains uncertain, we saw encouraging signs in July with gradual rebalancing of oil supply and demand,” API Chief Economist Dean Forman said. “Increases in U.S. refinery throughput and capacity utilization in July – coupled with inventories receding from record highs – has reinforced expectations for the continued demand recovery.”
Led by motor gasoline, total U.S. petroleum demand rose to 18.3 million barrels per day (mb/d) in July, up 0.7 mb/d from the month prior but still down nearly 12 percent year-over-year. Meanwhile, jet fuel deliveries posted their second consecutive monthly increase, surging more than 44 percent between June and July and nearly 70 percent since May.
On the supply side, July marked the fourth consecutive month of year-on-year declines in U.S. crude oil production which averaged 10.3 mb/d for the month. The declines are consistent with the steep drop-off in oil-directed drilling activity, which has fallen to its lowest level since July 2009. By comparison, U.S. natural gas liquids production increased 3.8 percent in July to 4.9 mb/d in July – a record high for the month of July.
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Earlier:
2020, August, 24, 12:15:00
U.S. RIGS UP 10 TO 254
U.S. Rig Count is up 10 from last week at 254, Canada Rig Count is up 2 rigs from last week to 56
2020, August, 20, 14:35:00
U.S. OIL INVENTORIES DOWN BY 1.6 MB TO 512.5 MB
U.S. commercial crude oil inventories decreased by 1.6 million barrels to 512.5 million barrels,
2020, August, 18, 12:30:00
U.S. PRODUCTION: OIL (-19) TBD, GAS (-421) MCFD
Crude oil production from the major US onshore regions is forecast to decrease 19,000 b/d month-over-month in August from 7,577 to 7,558 thousand barrels/day, gas production to decrease 421 million cubic feet/day from 79,684 to 79,263 million cubic feet/day .
2020, August, 17, 12:25:00
U.S. ENERGY RESILIENCE
The U.S. Technical Resilience Navigator (TRN) is a resilience planning tool that leads users through stakeholder engagement, organizational assessment, and ultimately, toward an actionable plan.
2020, August, 12, 14:00:00
U.S. FRACKING IS IMPORTANT
A ban on fracking may sound noble in some circles, but far from being a practical and permanent solution, it may pose significant impediments to energy generation in the United States and the national economy.
2020, August, 5, 12:10:00
U.S. OIL PRODUCTION DECREASING
Production of crude oil decreased in the United States in May 2020 by 1.99 million barrels per day (b/d)
2020, July, 30, 12:20:00
U.S. ENERGY CONSUMPTION DOWN
the United States consumed 6.5 quadrillion British thermal units of energy in April 2020,
