GulfSlope Energy Inc (GSPE)

[smith199]

API Monthly Statistical Report ‘MSR’ released today, 9/22/2021. API Statistics Department & Office of the Chief Economist

For Data and Chart Details By Section See Link Below:

https://www.api.org/-/media/Files/News/2021/09/API_Monthly_Statistical_Report_Aug_2021.pdf

EXECUTIVE SUMMARY

In August, U.S. consumer sentiment experienced one of its sharpest drops on record since 1978, according to the University of Michigan’s consumer sentiment index. However, you would never know it from the strength of U.S. petroleum demand, which rose to 21.3 million barrels per day and exceeded its August 2019 level, which was among the strongest months in the past decade. Summer travel and freight transportation contributed positively to the monthly increase, but other oils – that is, intermediate products in refining and petrochemicals – led the rise (up 6.9% from July) and represented 27.9% of U.S. total petroleum demand.

By contrast, U.S. crude oil and natural gas liquids production fell in August despite the highest oil prices for the month since 2014. With demand that outpaced supply, crude oil inventories decreased to their lowest for the month since 2018 and to within 4.7% of the bottom of the five-year range. Additionally, the U.S. was a petroleum net importer in August and for five out of the past six months.

API’s Distillate Economic IndicatorTM suggested continued growth of U.S. industrial production and broader economic activity.

Other highlights:
– Summer driving sustained the highest gasoline demand in two years.
– Trucking drove the highest distillate demand since February 2020.
– Air travel demand propelled highest jet fuel demand since February 2020

Demand
• Strong U.S. petroleum demand (21.3 mb/d) pierced the top of the five-year range.
– Summer driving sustained the highest gasoline demand in two years.
– Trucking drove the highest distillate demand since February 2020.
– Air travel demand propelled highest jet fuel demand since February 2020.
– Solid marine shipping and residual fuel oil demand.
– Other oils demand of 5.9 mb/d a record for August.

Prices and Macroeconomy
• Highest gasoline prices for August since 2014.
• Leading indicators point towards industrial growth but consumer concerns.

Supply
• U.S. crude oil production and NGL production slipped in August.

International Trade
• U.S. petroleum net imports persisted in August.

Industry Operations
• Refinery inputs and capacity utilization edged down.

Inventories
•Lowest crude oil inventories for August since 2018.


PETROLEUM FACTS AT A GLANCE - SEPTEMBER 2021:

1. Total U.S. supply of crude oil, natural gas liquids and other liquids in August 2021: 17,603,000 b/d, up by 652,000 b/d compared with August 2020 (August 2020: 16,951,000 b/d) [API]

2. U.S. crude oil production for the month of August: 11,165,000 b/d (of which 409,000 b/d was Alaskan) (August 2020: 10,558,000 b/d). U.S. production of natural gas liquids in August 2021: 5,339,000 b/d (August 2020: 5,351,000 b/d). [API]

3. Total petroleum products delivered to the domestic market in August 2021: 21,282,000 b/d (August 2020: 18,558,000 b/d). [API]

4. Petroleum exports for the month of August: 8,274,000 b/d (August 2020: 8,550,000 b/d). [API]

5. U.S. petroleum trade balance expanded by 1,549,000 b/d to imply August 2021 net imports of 449,000 b/d (August 2020: 1,100,000 b/d net exports). [API]

https://www.api.org/-/media/Files/News/2021/09/Petroleum_Facts_at_a_Glance_August_2021.pdf