Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

API American Petroleum Institute : U.S. crude oil production hits a record high in January at 10.2 million barrels per day

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/16/2018 | 01:01pm EDT

WASHINGTON, February 16, 2018 - 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.

'In Olympic fashion, U.S. crude oil production scored a perfect '10' in January,' said API Chief Economist Dean Foreman. 'Record production of 10.2 MBD combined with a new high for refinery throughput, plus 6.3 MBD of crude oil and refined product exports, helped to narrow the price difference between U.S. and international crude prices last month, which reinforced the increasingly pivotal role of U.S. energy.'

As U.S. crude exports rose, the price premium of international Brent crude oil prices above domestic West Texas Intermediate (WTI) crude oil narrowed to $3.50 per barrel as of February 5th from $5.38 per barrel at the end of January and $6.50 per barrel in December.

Separately, natural gas liquids production sustained near-record output in January at 4.0 MBD, which was an increase of 18.4 percent versus January 2017. According to the EIA's Short-Term Energy Outlook, released February 6, 2018, U.S. dry natural gas production averaged 77.6 billion cubic feet per day during January, which was up 9.9 percent from January 2017.

In addition to strong output and exports, U.S. petroleum demand, as measured by total domestic petroleum deliveries, rose to 20.3 million barrels a day in January, which was an increase of 5.5 percent compared with January 2017. It was the strongest January monthly demand since 2007.

Product highlights:

  • Consumer gasoline demand rose by 3.0 percent y/y to 8.8 MBD, which reflected how increases in economic growth and income have trumped the rise in crude oil and gasoline prices.
  • With indicators of solid industrial activity and freight transportation, January distillate demand eclipsed 4.1 MBD, which was an increase of 0.8 percent versus December and 9.0 percent compared with January 2017. The 9.0 percent year to year increase marked a reversal of three years of declines for the month.
  • Residual fuel oil, which is used for electric power production, space heating, vessel bunkering and other industrial applications, fell to 284 thousand barrels per day (KBD) in January. This represented decreases of 35.2 percent from December and 38.3 percent versus January 2017 and suggested increased natural gas substitution.
  • 'Other oils' - liquid petrochemical feedstocks, naphtha and gasoil - demand of 5.5 MBD was the highest monthly demand on record and second highest share of total monthly deliveries since 1965.

For more information on the monthly reports, please visit our Energy Tomorrow blog and website, where the reports are now available to view and share.

API is the only national trade association representing all facets of the oil and natural gas industry, which supports 10.3 million U.S. jobs and nearly 8 percent of the U.S. economy. API's more than 625 members include large integrated companies, as well as exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms. They provide most of the nation's energy and are backed by a growing grassroots movement of more than 40 million Americans.

Monthly Statistical Report (January 2017)

File Size: .6 MB

Petroleum Facts at a Glance (January 2017)

File Size: .1 MB

Monthly Import Statistics - January 2017

File Size: MB

API - American Petroleum Institute published this content on 16 February 2018 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 16 February 2018 17:00:04 UTC.

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
12:07pCURRENCIES : British Pound Gains After Parliament Seizes Control Of Brexit Process
DJ
12:05pOil rises 2 percent as tightening supplies take focus
RE
12:05pIROQUOIS COUNTY IL : Upcoming County Board and Committee Meetings
PU
12:05pNASEO NATIONAL ASSOCIATION OF STATE ENERGY OFFIC : EIA Annual Energy Outlook 2019 Projects Robust Growth and Abundant Energy for U.S.
PU
12:00pUber buys rival Careem in $3.1 billion deal to dominate ride-hailing in Middle East
RE
11:55aDollar edges up on higher U.S. yields, brushes off weak data
RE
11:55aU.S. Consumer Confidence Declined in March -- Update
DJ
11:50aIn Argentina, jitters return as volatility stokes political risk
RE
11:45aCFTC U S COMMODITY FUTURES TRADING COMMISSION : Agricultural Advisory Committee to Meet April 11 in Overland Park, KS
PU
11:40aU.S. housing, consumer confidence data point to slowing economy
RE
Latest news "Economy & Forex"
Advertisement