12/7: Oil drops, hits lowest since January as U.S. data fans fuel demand fears

Oil drops, hits lowest since January as U.S. data fans fuel demand fears (Reuters)

U.S. distillate stocks posted a build 6.2 million barrels, according to the Energy Information Administration, far exceeding estimates for a 2.2 million barrel rise. Gasoline inventories climbed 5.3 million barrels against expectations for an increase of 2.7 million barrels.

The build in fuel stocks outweighed a 5.2 million barrel draw in crude stocks. The American Petroleum Institute had reported a crude stocks draw of around 6.4 million barrels, according to market sources.

12/7: US sees record 2023 oil output in reversal after cutting outlook

US sees record 2023 oil output in reversal after cutting outlook (Bloomberg)

The U.S. raised its forecast for oil production next year, reversing course after five straight months of cuts that stoked concern about a slowdown in output from shale fields.

Production is poised to average 12.34 MMbpd next year, topping the record 12.315 MMbpd set in 2019, according to a monthly report from the Energy Information Administration. That’s an about-face for the government agency following a sharp downward revision in November. The estimate for this year’s output also got a boost.

12/7: Canadian NatGas Storage Withdrawals Strong Based on Cold Weather Demand

Despite production that remains near record levels, storage withdrawals are stronger than average for this time of year thanks to cold weather driven demand in the west; there may be an end in sight to the long running saga between the BC provincial government and First Nations.

Read more details in RBN's NatGas Billboard Canada Report.

12/7: U.S. Propane Stocks Drop Despite Expectations for Inventory Build

Total U.S. propane/propylene inventories fell by 955 Mbbl for the week ended December 2, the EIA reported, in contrast to industry expectations for a build of 776 Mbbl. The stock decline was less than the 1,261 Mbbl average draw for the week. Total propane stocks are now at 89.7 MMbbl, which is 11 MMbbl, or 14%, above the 5-year average.

Read more details in RBN's Propane Billboard Report.

12/7: U.S. Loads Record Crude Ahead of Embargo of Russian Oil

U.S. Gulf Coast export terminals loaded high volumes of crude onto tankers for the third straight week, with shipments estimated at 4 MMb/d for the week ended December 2. This level of sustained loadings would have been unheard of before the geopolitical tensions in Eastern Europe began, but now we may continue to see similar or higher volume of exports going forward. As the European Union’s (EU’s) ban on seaborne Russian crude imports began on December 5, the U.S. is now one of the key sources of crude for several nations.

12/6: U.S. power use to hit record in 2022 on economic growth, hotter weather -EIA

U.S. power use to hit record in 2022 on economic growth, hotter weather -EIA (Reuters)

U.S. power consumption will rise to a record high in 2022 because of increasing economic activity and hotter summer weather, the U.S. Energy Information Administration (EIA) said in its Short-Term Energy Outlook (STEO) on Tuesday.

EIA projected power demand will climb to 4,044 billion kilowatt-hours (kWh) in 2022, from 3,941 billion kWh in 2021, before sliding to 4,004 billion kWh in 2023 as temperatures moderate.