U.S. Natural Gas & Oil Industry Turns in Strong April Performance
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WASHINGTON, May 16, 2019 –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.”
API represents all segments of America’s oil and natural gas industry. Our more than 600 members produce, process and distribute most of the nation’s energy. The industry supports more than ten million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. API was formed in 1919 as a standards-setting organization. In our first 100 years, API has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.
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