North American Oil Data Deck (January ‘24)
Continental liquids production set yet another all-time high in October of more than 29.1 MMbpd as US output lingered around record highs and Canadian output bounced back on the month.
This 34-page January 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.
This report has been expanded to include analysis and discussion around key Canadian crude export pricing (i.e., Western Canadian Select) and, going forward, will also incorporate deeper analysis of idiosyncratic factors key to country-level market dynamics, particularly in the US and Canada. (See paid subscriber poll beneath paywall)
If you’re already subscribed and/or appreciate the free chart and summary, hitting the LIKE button is one of the best ways to support my ongoing research.
North American total liquids production set another all-time high in October ( >29.1 MMbpd) as stable near-record US output received a boost from rebounding Canadian production; continental output is roughly 1.6 MMbpd higher y/y with year-to-date average growth easing to 1.7 MMbpd.
Meanwhile, North American refined product output declined by 893 kbpd m/m to 21.3 MMbpd, with monthly pullbacks across all three countries but with the largest proportional y/y losses concentrated in Mexico; overall refinery output was 640 kbpd lower y/y and pulled down year-to-date growth to effectively flat.
Continental refined product demand rebounded, up 518 kbpd m/m, on the back of US gains to 25.1 MMbpd, after falling across the board 885 kbpd m/m to 24.7 MMbpd in September; all three countries are seeing positive demand growth on average, year-to-date, which has, collectively, increased ~200 kbpd through September vs. the same period last year.