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North American Oil Data Deck (May 2024)
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North American Oil Data Deck (May 2024)

Continental production surges back to life following winter storm slump

Rory Johnston's avatar
Rory Johnston
May 02, 2024
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North American Oil Data Deck (May 2024)
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This 35-page May 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.

Become a paid subscriber today to view the full North American Oil Data Deck report and join me in my hunt for ever-deeper oil & gas market context.

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  • North American total liquids output bounced back, by 1.4 MMbpd, to 29.1 MMbpd in February, recovering from the nearly 2 MMbpd hit to continental output from severe winter storms in January; overall output is up 1.6 MMbpd y/y but still ~0.4 MMbpd off the all-time high reached in November.

  • Continental refinery output was roughly flat at 21 MMbpd in February but growth has turned negative on the year, driven overwhelmingly by flagging US diesel output. 

  • Continental refined product demand rose ~0.3 MMbpd to 24.3 MMbpd in February, with growth remaining positive year-over-year and continuing to be driven by US and Canadian NGL consumption.

[Full Deck and Country-Level Analysis Below Paywall]

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