North American Oil Data Deck (May ‘23)
Continental liquids production rose back to near all-time highs in February; initial North American product-level petroleum demand estimates have been added to report.
This 33-page May 2023 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., crude), downstream (i.e., refining) oil activity, and end-user demand.
NEW to this report: country-level petroleum demand data decomposed by product. This data is still tentative as I continue to reconcile product-level details (especially re: always-opaque Canadian NGL data and differences re: headline Mexican liquids consumption)—I plan to do more demand work and publish some dedicated work on this over the coming weeks to continue refining these estimates.
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North American total liquids production inched ~50 kbpd higher in the month of February to 27.4 MMbpd, the fourth-highest reading but still some ~200 kbpd below the November 2022 high-water mark.
Total liquids gains were driven by NGLS, which more than offset very minor declines in continental crude and biofuels output.
North American refining activity rose ~200 kbpd m/m on US refinery gains, despite a pullback in Canadian and Mexican throughput; gasoline output rose materially (+311 kbpd), while diesel output fell across all three countries (-77 kbpd).