API: US energy production sets new records

This milestone came as global markets have grappled with geopolitical and trade tensions that underscored the ability of US production to cushion American consumers by helping to keep prices low and reduce price volatility.

Highlights from the September 2019 MSR include:

• US petroleum demand of 20.8 million bpd was highest on record for month of September;
• Gasoline prices in September decreased seasonally despite an increase in crude oil prices;
• Total inventories increased year-on-year for the 11^th consecutive month; and,
• Increased exports and decreased imports drove US petroleum net imports to 0.8 million bpd, which appeared to position the U.S. as an exporter of total energy.

“While we await confirmation from the US Energy Information Administration, data in this month’s report appear to indicate that the US may have resumed its status as a net exporter of total energy for the first time in more than half a century,” said API Chief Economist Dean Foreman. “Considering the geopolitical and trade headwinds that have rippled through global oil markets in recent weeks, it is remarkable that US production was able to simultaneously satisfy a domestic demand record, feed the growth in international exports, and also place downward pressure on motor fuel prices.”

Read the article online at: https://www.worldpipelines.com/business-news/21102019/api-us-energy-production-sets-new-records/