The People of America's Oil and Natural Gas Indusry

Come and Get It: API’s Monthly Statistical Report

Dean Foreman

Dean Foreman
Posted January 26, 2018

API’s Monthly Statistical Report (MSR) is a goldmine of information about our industry – and now the public can access it for free.

Responding to new and evolving marketplace needs, API is now sharing the MSR free of charge on its website beginning this month. The report includes analysis of recent developments for major products, imports, refineries and inventories – accompanied by API graphs. Published two months before the U.S. Energy Information Administration’s monthly data, the MSR is especially valuable for industry members, academics and students who follow natural gas and oil trends. Click here for the 2018 MSR publishing schedule.

Noteworthy big trends in the December 2017 report:

  • U.S. oil production increased in December to 9.75 million barrels per day (mbd), a 47-year high, while U.S. exports of crude oil and refined products – up by nearly 1 mbd for 2017 – set new records. Total petroleum deliveries in December were the strongest of any month in the past decade.

msr_crude

  • For 2017, total domestic petroleum deliveries rose by 1 percent year-on-year (y/y), despite oil prices that rose over the second half of the year.

msr_deliveries

  • The fourth quarter of 2017 generated the largest quarterly inventory drawdown on record – 172 million barrels over three months, which reflects a combination of solid demand with U.S. crude oil and refined product exports (6.5 MBD in December).

msr_inventories

Refined product highlights:

  • Consumer gasoline demand rose by 0.5 percent y/y to 9.3 million barrels per day, which was the strongest December since 2006. Consequently, annual 2017 gasoline demand was the highest on record.
  • Robust freight transportation activity drove distillate demand growth of 1.5 percent y/y, reversing two consecutive annual declines.
  • Strong air transportation growth in 2017 drove the highest jet fuel demand in 17 years.
  • Residual fuel oil, which is used in electric power production, space heating, vessel bunkering and other industrial applications, rebounded to its highest level since 2012.
  • Petrochemical feedstocks gained ground, ending the year up 6.7 percent versus December 2016.

The monthly transportation fuel trends – gasoline, diesel and jet fuel – have been consistent with the solid macroeconomic backdrop but also highlight continued structural shifts in U.S. manufacturing. The continuation of the U.S. energy renaissance hinges on resilience of its oil and natural gas supplies, downstream adaptability to leverage advantaged feedstocks, plus free trade.  With these ingredients, historically the data suggest the stage is set for increased natural gas and oil activity. Upstream drilling began 2018 on a strong note with rigs up 35 percent y/y as of Jan. 19, and downstream refinery utilization of 94.8 percent in December was the third highest rate in more than 12 years.

API’s MSR is produced from API’s Weekly Statistical Bulletin (WSB), which since 1929 has been a go-to information source on natural gas and oil industry statistics. The WSB is available via subscription only. Click here for more information

ABOUT THE AUTHOR

Dr. R. Dean Foreman is API’s chief economist, specializing in energy and global business. With a Ph.D. in economics from the University of Florida, he came to API from Saudi Aramco Strategy & Market Analysis in Dhahran, where he managed short-term market monitoring and the long-term oil demand outlook. Foreman has more than 20 years of industry experience in corporate strategic planning, forecasting, finance / risk management and regulatory policy at ExxonMobil, Talisman Energy and Sasol North America.