American Oil and Gas Reporter - August 2018 - 23

IndustryDigest
December 2014's 1.6 MMbbl/d as the
largest annual oil production increases
in U.S. history.
Natural gas liquids production
contributed another record of 4.2
MMbbl/d in June, API reveals, adding
that total U.S. liquids production was
16.2 MMbbl/d, up 2.2 MMbbl/d over
June 2017.
Noting that EIA expected global
liquids demand growth of 1.7 MMbbl/d
in 2018, API points out that the United
States has been on pace this year to
supply more than the world's entire
growth in oil demand.
Moreover, API says that according
to Bloomberg, the consensus estimate
is that OPEC's June production
dropped 800,000 bbl/d versus June
2017, led by declines of 590,000 bbl/d
in Venezuela, 260,000 bbl/d in Angola,
150,000 bbl/d in Libya and 130,000
bbl/d in Nigeria.
"Consequently, through June, the
United States shouldered the burden of
all global oil demand growth and helped
to offset about half the decline in OPEC
production," API boasts.
Solid economic and energy market
fundamentals also underpinned the
strongest U.S. petroleum demand since
2007 at 20.6 MMbbl/d, API's monthly
report continues. "In an attempt to
satisfy demand, domestic refineries ran
at their highest percent capacity
utilization rate (96.6 percent) since
2005," the report states.
It adds, "With the record refinery
throughput, U.S. petroleum inventories
held steady as an accumulation of
refined product stocks more than offset
the drawdown in crude oil stocks."
API says U.S. demand in June rose
1.5 percent from May and 0.4 percent
from June 2017. Year to date, it adds,
U.S. demand was at its strongest since
2007, averaging 20.2 MMbbl/d, an
increase of 480,000 bbl/d over the first
half of 2017.
API says total petroleum inventories
in June were below last year's levels.
However, as refinery throughput ramped
up, API says, refined product
inventories accumulated while crude oil
inventories were drawn down. Total
crude and refined product inventories of
1.22 billion barrels were the same as
they were in May, but were 8.1 percent
lower than June 2017, positioning U.S.
inventories in the middle of the fiveyear range, according to the report. r

Gas Storage Levels
Increase By 199 Bcf
WASHINGTON-Underground
natural gas storage in the United States
stood at 2.273 trillion cubic feet on July
20, 19.7 percent below the five year
average, according to the U.S. Energy
Information Administration. That was
up 199 billion cubic feet from the 2.074
Tcf in storage on June 22, which was
19.5 percent below the five-year
average. The July 20 storage number
was 706 Bcf less than a year ago, when
gas storage stood at 2.979 Tcf.
According to EIA, gas storage in the
East Region was 527 Bcf on July 20,
16.3 percent below the five-year average,
but 97 Bcf more than on June 22, when
storage stood at 430 Bcf, which was 20.8
percent below the five-year average. East
Region gas storage on July 20 was 97
Bcf less than it was a year ago.
Gas storage in the Midwest Region
stood at 524 Bcf on July 20, 23.6
percent below the five-year average and
99 Bcf more than the 425 Bcf in storage
on June 22, which was 27.5 percent

below the five year average. July 20 gas
storage in the Midwest Region was 218
Bcf less than a year ago.
In the Mountain Region, EIA says,
gas storage was 145 Bcf on July 20,
16.74 percent below the five-year
average and 12 Bcf more than the 133
Bcf stored on June 22, which was 16.4
percent below the five year-average.
Gas storage in the Mountain Region
was 52 Bcf less than a year ago.
Gas storage in the Pacific Region
was 257 Bcf on July 20, 17.4 percent
below the five-year average and 6 Bcf
more than the 251 Bcf stored on June
22, which was 16.1 percent below the
five-year average. Pacific Region gas
storage on July 20 was down 37 Bcf
from a year ago.
In the South-Central Region, gas
storage levels on July 20 were 820 Bcf,
20.2 percent below the five-year
average and down 15 Bcf from the 835
Bcf in storage on June 22, which was
15.5 percent below the five-year
average. The July 20 gas storage level
for the South-Central Region was down
302 Bcf from a year ago. r

In 1918, a group of Pennsylvania oil and gas producers formed a trade organization
that has evolved into the Pennsylvania Independent Oil & Gas Association. Members
and guests celebrated PIOGA's centennial July 17-18, beginning with a PIOGA-PAC
kickoff reception and train ride in vintage Pullman cars aboard the Oil Creek and
Titusville Railroad. The 100th anniversary celebration July 18 at the Drake Well Museum
and Park in Titusville, Pa., consisted of a barbecue lunch, congratulatory remarks by
dignitaries, official proclamations from the Pennsylvania House of Representatives and
Senate, and from the U.S. Congress, and tours of the museum commemorating the
birth of the world's oil and gas industry. Presenting PIOGA President and Executive
Director Dan Weaver (center) with a proclamation from the Pennsylvania General
Assembly are, from left, Representatives Park Wentling, R-Girard; Brad Roae, RMeadville; Donna Oberlander, R-Clarion; Kathy Rapp, R-Warren; Lee James, R-Seneca;
and Senator Scott Hutchinson, R-Oil City.

AUGUST 2018 23



American Oil and Gas Reporter - August 2018

Table of Contents for the Digital Edition of American Oil and Gas Reporter - August 2018

Contents
American Oil and Gas Reporter - August 2018 - Intro
American Oil and Gas Reporter - August 2018 - 1
American Oil and Gas Reporter - August 2018 - 2
American Oil and Gas Reporter - August 2018 - 3
American Oil and Gas Reporter - August 2018 - 4
American Oil and Gas Reporter - August 2018 - Contents
American Oil and Gas Reporter - August 2018 - 6
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