North American Oil Data Deck (April ‘24)

Winter storm production disruptions were larger than initially projected, though 2023 growth was strong enough to keep year-over-year comparisons in positive territory.

This 35-page April 2024 edition of my monthly data-dense and visualization-heavy North American Oil Data Deck (attached PDF below paywall) is exclusive to paid Commodity Context subscribers. The deck contains detailed, decomposed accounting for US, Canadian, and Mexican upstream (i.e., production), downstream (i.e., refining) oil activity, and end-user demand.

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Overview

• North American total liquids output cratered by 1.9 MMbpd m/m to 27.6 MMbpd in January on winter storm production impacts, though growth has been so strong that output remained ~0.2 MMbpd higher vs. last January.

• Continental refinery output pulled back seasonally by 1.3 MMbpd y/y to 21 MMbpd in January, but remained ~0.1 MMbpd higher on the year.

• Continental refined product demand fell ~0.7 MMbpd to 23.8 MMbpd in January; still, we are 0.4 MMbpd higher on the year thanks to robust continued growth in US NGL consumption.

[Full Deck and Country-Level Analysis Below Paywall]