North American Oil Data Deck (December ‘22)

Continental liquids output rose to a fresh all-time high in Sept on the back of strong US crude oil output; refinery activity eased but the pullback was seasonally mild given tight middle distillates.

This 30-page December 2022 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 oil activity (i.e., the production side) as well as 6 new pages on national oil refinery production trends and product yield based on my last post, Oil Refining in North America.

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• North American total liquids production rose to a fresh all-time high of approximately 27.1 MMbpd in September (+211 kbpd m/m, +1,511 kbpd YTD y/y), primarily due to rising US crude oil output.

• Crude and equivalent production rose by 271 kbpd m/m, which more than compensated for falling biofuels supplies (-63 m/m) and flat NGL output (+3 m/m).

• Refinery activity experienced seasonal declines across North America, though the pullback was comparatively light vs pre-COVID seasonal norms as refiners pressed to maximize facility utilization and capture wide margins, especially for middle distillates as discussed in Refiners’ Unbalanced Barrel.