Global Oil Market - Nov 2
Posted: Mon Nov 02, 2020 11:45 am
On October 30 Reuters reported U.S. oil output fell 3.6% to 10.6 million b/d in August as offshore Gulf of Mexico production collapsed to the lowest in nearly seven years, the EIA said on Friday in its monthly 914 production report. That is down 14.9% from average U.S. output of 12.4 million b/d in August 2019. It was also the first monthly decline in crude output since May. In the offshore Gulf of Mexico areas under federal government control, crude output plunged 27.5% to 1.2 million b/d in August, its lowest in a month since October 2013, as a series of storms caused producers to temporarily shut wells. In top crude producing states, output slipped 1.0% in Texas to 4.7 million b/d in August, but jumped 12.3% in North Dakota to 1.2 million b/d.
U.S. gasoline demand fell 13% from year-ago levels to 8.5 million b/d in August, according to the EIA. That was the 10th month in a row year-over-year gasoline usage declined, mostly due to coronavirus demand destruction. U.S. demand for diesel and other distillate fuels fell 9% from a year earlier to 3.7 million b/d in August. That was the 14th consecutive month that year-over-year distillate usage declined. Monthly gross natural gas production in the U.S. Lower 48 states, meanwhile, climbed 0.5% to 101.1 Bcf/d in August. That was the third month of consecutive output increases, but remains well below December 2019's record 107.1 Bcf/d average due to steep, coronavirus-related declines earlier in the year. In top gas producing states, output gained 2.9% in Texas to 28.4 Bcfd in August and 2.4% in Pennsylvania to a monthly record of 20.3 Bcf/d.
On October 30 Reuters reported OPEC oil output has risen for a fourth month in October, a Reuters survey found, as a restart of more Libyan installations and higher Iraqi exports offset full adherence by other members to an OPEC-led supply cut deal. The 13-member organization has pumped 24.59 million b/d on average in October, the survey found, up 210,000 b/d from September.
On October 30 Reuters reported oil prices will be hemmed in the $40-45 per barrel range for the rest of the year, a Reuters poll showed on Friday, with analysts expecting a rough road to recovery into 2021 as an accelerating coronavirus outbreak fans renewed demand concerns. A survey of 41 economists and analysts forecast global benchmark Brent crude prices to average $42.32 a barrel in 2020, slightly down from the $42.48 forecast in the previous poll and the $42.45 average so far this year. The outlook for 2021 was also reduced to $49.76 a barrel from last month's $50.41 consensus.
On October 28 Bloomberg reported that Libya's daily crude output has surged from less than 100,000 b/d in early September to above 700,000 b/d as of Tuesday, according to a person familiar with the matter.
On October 28 Platts reported that Asia-Pacific air passenger traffic nosedived 96.4% year over year in September, marking a downtrend for the eighth consecutive month, as travel restrictions continued to curb international air travel, according to the latest data from the Association of Asia Pacific Airlines.
On October 28 Reuters reported China's domestic aviation fuel consumption rebounded to near pre-COVID levels in September, thanks to a fast recovery in passenger travel and cargo freight, although demand from international flights remained weak, industry sources said.
U.S. gasoline demand fell 13% from year-ago levels to 8.5 million b/d in August, according to the EIA. That was the 10th month in a row year-over-year gasoline usage declined, mostly due to coronavirus demand destruction. U.S. demand for diesel and other distillate fuels fell 9% from a year earlier to 3.7 million b/d in August. That was the 14th consecutive month that year-over-year distillate usage declined. Monthly gross natural gas production in the U.S. Lower 48 states, meanwhile, climbed 0.5% to 101.1 Bcf/d in August. That was the third month of consecutive output increases, but remains well below December 2019's record 107.1 Bcf/d average due to steep, coronavirus-related declines earlier in the year. In top gas producing states, output gained 2.9% in Texas to 28.4 Bcfd in August and 2.4% in Pennsylvania to a monthly record of 20.3 Bcf/d.
On October 30 Reuters reported OPEC oil output has risen for a fourth month in October, a Reuters survey found, as a restart of more Libyan installations and higher Iraqi exports offset full adherence by other members to an OPEC-led supply cut deal. The 13-member organization has pumped 24.59 million b/d on average in October, the survey found, up 210,000 b/d from September.
On October 30 Reuters reported oil prices will be hemmed in the $40-45 per barrel range for the rest of the year, a Reuters poll showed on Friday, with analysts expecting a rough road to recovery into 2021 as an accelerating coronavirus outbreak fans renewed demand concerns. A survey of 41 economists and analysts forecast global benchmark Brent crude prices to average $42.32 a barrel in 2020, slightly down from the $42.48 forecast in the previous poll and the $42.45 average so far this year. The outlook for 2021 was also reduced to $49.76 a barrel from last month's $50.41 consensus.
On October 28 Bloomberg reported that Libya's daily crude output has surged from less than 100,000 b/d in early September to above 700,000 b/d as of Tuesday, according to a person familiar with the matter.
On October 28 Platts reported that Asia-Pacific air passenger traffic nosedived 96.4% year over year in September, marking a downtrend for the eighth consecutive month, as travel restrictions continued to curb international air travel, according to the latest data from the Association of Asia Pacific Airlines.
On October 28 Reuters reported China's domestic aviation fuel consumption rebounded to near pre-COVID levels in September, thanks to a fast recovery in passenger travel and cargo freight, although demand from international flights remained weak, industry sources said.