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Energy Tomorrow Blog

MSR: Reading Between the Lines on Energy Recovery

monthly-stats-report  consumers  economic recovery 

Dean Foreman

Dean Foreman
Posted October 15, 2020

While objective interpretation of economic and energy data always is challenging, it’s especially difficult in this pandemic-impacted year to determine whether current data signal good news for consumers, the broader economy, and the natural gas and oil industry that is a key driver in the U.S. economy.

That said, API’s new Monthly Statistical Report (MSR) shows progress. Here’s what we see in the latest petroleum data from September, and it says a lot about resilience amid stressful circumstances.

API’s primary data on U.S. petroleum markets for September suggested that crude oil supply and exports rose, while demand – which since 1945 has dropped on average by 4.3% each September following the peak summer driving season – fell by much less than normal. In other words, 2020 didn’t exhibit typical seasonality, since there was less discretionary travel through the COVID-19 pandemic and relatively more driving out of necessity. Thus, it’s not surprising that petroleum consumption held up better than average in September.

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U.S. Petroleum Markets – July Progress and a Potential Turning Point

monthly-stats-report  economic growth  oil markets 

Dean Foreman

Dean Foreman
Posted August 21, 2020

We’re seeing cautious optimism in the news about oil markets, with crude’s comeback broadly continuing for a third consecutive month in July with the gradual re-opening of state economies. API’s Monthly Statistical Report (MSR) for August presents the latest details. 

U.S. petroleum demand has clearly rebounded, albeit at a slowing growth rate. We see this as good news for staying on a positive track and reflective of progress made to overcome continued challenges with COVID-19.

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U.S. Petroleum Markets Continue Their Comeback in June

monthly-stats-report  petroleum  production 

Dean Foreman

Dean Foreman
Posted July 16, 2020

Although we have a long way to go for U.S. petroleum markets to recover to pre-pandemic levels, the comeback broadly continued in June as state economies re-opened despite ongoing challenges with COVID-19. This is seen in API’s Monthly Statistical Report (MSR) for July. 

With the daily news flow about COVID-19 – from America Shuts Down Again to More Than Half of States Trending Poorly – it has been challenging for oil markets to discern what’s actually happening. The MSR provides the most timely and comprehensive snapshot of U.S. markets for crude oil and major refined products, based on weekly surveys of up to 90% of the industry.

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Data: Industry Poised to Enable Economic Recovery

monthly-stats-report  economic recovery  oil and natural gas 

Dean Foreman

Dean Foreman
Posted June 18, 2020

As the U.S. and world confront the unprecedented combination of a public health crisis, significant economic downturn and tumultuous domestic and global oil markets, we have seen oil demand, prices, and consequently drilling and production fall by historic amounts.

API’s latest Monthly Statistical Report (MSR) for May and Industry Outlook for Q2 2020 offer important perspective on the most timely monthly U.S. data and expectations for energy markets.

Overall, we see market forces at work, with a re-balancing of supply and demand to historic proportions despite great uncertainties. The underlying fundamentals appear to be constructive and should position the U.S. natural gas and oil industry to participate in an economic recovery. And if the third-party consensus is correct the next year or so could bring positives for U.S. and global energy.


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API MSR: Glimmer of Light for Oil Markets?

monthly-stats-report  economy and energy  demand  fuels 

Dean Foreman

Dean Foreman
Posted May 14, 2020

API’s latest Monthly Statistical Report (MSR) has positive news; it just takes a close look to find it.

One example: Weekly petroleum demand data (MSR and U.S. Energy Information Administration), as measured by total domestic petroleum deliveries, indicates that the worst impacts on our industry from COVID-19 and measures to contain it may be behind us, occurring in mid-April.

We won’t know for sure until we see data for May in next month’s MSR. But EIA’s Weekly Petroleum Status Report (WPSR), shows that demand rebounded by 3.0 million barrels per day (mb/d) as of May 8, from the low point in the week of April 10 (lowest demand for April since 1970). With more than 30 states in various stages of re-opening, demand could be expected to increase along with rising economic activity. 


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API Reports Capture Market Uncertainties

monthly-stats-report  oil and natural gas production 

Dean Foreman

Dean Foreman
Posted March 19, 2020

As much as any other sector, global energy has felt the impact of the coronavirus (COVID-19) combined with lowering world demand and Russia and Saudi Arabia raising oil supply. We’ve seen crude oil prices cut in half within three months, which if sustained could rank among the most severe oil price downturns on record. Let’s discuss the most significant points for U.S. consumers, industry and the broader economy.

Details may be found in API’s latest Monthly Statistical Report, based on February U.S. petroleum data. Using weekly surveys of 90% of the natural gas and oil industry, we publish monthly data and analysis two months ahead of the U.S. Energy Information Administration (EIA). 


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On U.S. Energy Security, Low Energy Prices

monthly-stats-report  exports  imports  trade 

Dean Foreman

Dean Foreman
Posted October 17, 2019

A major milestone for U.S. energy trade appears imminent. For the first time in more than 60 years, the U.S. may be a net exporter of total energy – based on API’s estimates in our latest Monthly Statistical Report (MSR).

The MSR shows that the U.S. petroleum trade balance decreased to net imports of just 818,000 barrels per day in September – and that at a time when domestic demand was at its highest level ever. With the U.S. Energy Information Administration (EIA) estimating that U.S. net exports of natural gas last month were 5.5 billion cubic feet per day (bcf/d) – more than 900,000 barrels per day in oil-equivalent energy – that would exceed U.S net imports of crude oil and refined products. 


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U.S. Production is Protecting Domestic Markets, Consumers

monthly-stats-report  oil and natural gas production  us energy security  consumers 

Dean Foreman

Dean Foreman
Posted September 19, 2019

At a time of energy uncertainty in the world, the U.S. natural gas and oil industry is producing at levels that have helped cushion domestic markets and American consumers against global supply disruptions that once would have put severe pressure on our economy here at home.

Each final month of the quarter marks the simultaneous release of API’s Monthly Statistical Report (MSR) and quarterly Industry Outlook, and this quarter has offered some remarkable milestones and insights – at a critical time for the world.

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America’s Home-Grown Energy ‘Cushion’

monthly-stats-report  production  economic growth  consumers 

Dean Foreman

Dean Foreman
Posted July 18, 2019

Domestic oil production continues to benefit the U.S. – increasing energy security and driving economic growth – and cushion the economy as well as American consumers against global events that in the past impacted energy supplies, costs and prices.

Strength stemming from the U.S. energy revolution is seen in API’s latest Monthly Statistical Report (MSR), with U.S. crude oil exports setting a new record in June at 3.3 million barrels per day (mb/d), which represents growth of 1.1 mb/d over June 2018. Moreover, U.S. petroleum net imports fell to 1.3 mb/d in June from 2.9 mb/d in June 2018 – a major step closer to the U.S. becoming a net exporter of oil.

In other words, the U.S. has continued to supply virtually all of the world’s growing oil needs for transportation and industry, which has increased the stability of the global supply while generally lessening energy-related tensions.


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API Report: Stronger Economy, More Security Thanks to Energy

monthly-stats-report  production  economic growth  us energy security 

Dean Foreman

Dean Foreman
Posted June 20, 2019

API’s latest Monthly Statistical Report (MSR) underscores just how much recent oil production growth exceeded the pace of record U.S. domestic needs and crude oil exports, resulting in higher inventories.  This production and cushion for the market have kept oil and fuel prices low, and all these factors have contributed to a stronger economy with greater U.S. energy security.

Along with the separate Industry Outlook presentation, covering energy market developments for the second quarter of 2019, we see U.S. oil and natural gas output continuing to set records, helped by low breakeven prices and productivity that underpin the longevity of the domestic energy revolution –as we discussed here.

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