North American Oil Data Deck (August ‘23)

Continental demand leapt to the highest level since summer 2019 and set a fresh monthly record in May, while supplies were weighed down by Canadian wildfires

This 33-page August 2023 edition of my monthly data-dense and visualization-heavy North American Oil Data Deck (attached PDF and country-level summaries 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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• North American total liquids production fell back again by 201 kbpd m/m to 27.6 MMbpd in May, weighed down heavily by Canadian wildfires and despite US output continuing to sit at record highs.

• North American refining activity rose 405 kbpd m/m to 22.7 MMbpd in May and is now up ~100 kbpd y/y; gasoline and diesel, both higher on the year, account for the bulk of those monthly output gains.

• Even more notably, North American petroleum product demand—albeit, really just US and Canada—ripped nearly 500 kbpd higher m/m to 25.3 MMbpd, which is the strongest consumption since August 2019; represents gains of nearly 1 MMbpd y/y; and sets a fresh record for continental demand in May.