North American Oil Data Deck (June ‘24)

Continental liquids production continues to recover, rising back to within ~200 kbpd of November's high-water mark in March, while demand momentum slackens

This 35-page June 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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• North American total liquids output continued to recover from January’s winter storm effects, rising 310 kbpd to 29.4 MMbpd in March to sit +1.3 MMbpd y/y but still ~-200 kbpd from November’s high-water mark; output growth continues to be driven by US, though Canadian gains are accelerating while Mexican output is foundering.

• Refinery output rose seasonally by 1.1 MMbpd m/m to 21.4 MMbpd in March, 229 kbpd higher y/y thanks to the ongoing ramp-up of Mexico’s new Dos Bocas refinery.

• Continental refined production consumption fell back by 164 kbpd on the month to 24.2 MMbpd in March, with country-level demand flagging—and with declines accelerating—across the board.

[Full Deck and Country-Level Analysis Below Paywall]