GulfSlope Energy Inc (GSPE)

[smith199]

API Monthly Statistical Report ‘MSR’, Released 3/17/2022. API Statistics Department & Office of the Chief Economist

For Notable Chart Details and Data By Section see ‘MSR’ pdf link: https://www.api.org/-/media/Files/News/2022/03/17/API-Monthly-Statistical-Report-Feb-2022.pdf

Petroleum Facts at a Glance: https://www.api.org/-/media/Files/News/2022/03/17/Petroleum-Facts-at-a-Glance-February-2022.pdf

EXECUTIVE SUMMARY:

In February, U.S. petroleum demand (21.6 million barrels per day, mb/d) was at its strongest for any month since August 2005, due to the reduced impact of the Omicron COVID variant, solid urban commuting and freight transportation, and strong demand for consumer products that are enabled by other oils in refining and petrochemicals.

Demand increased despite higher crude oil and motor fuel prices, which rose as Russia’s war on Ukraine escalated in late February. The war caused global oil prices to increase by more than domestic prices, which showed that the U.S. having its own domestic oil production is beneficial, and also spurred an acceleration in U.S. refinery activity and exports.

U.S. crude oil production edged up by 0.1% m/m to 11.6 mb/d in February, and drilling activity also continued to pick up. However, as evident in comparison with the relatively stronger petroleum demand as well as the lowest crude oil inventories for the month of February since 2014, greater domestic production is likely to be needed to help place downward pressure on consumer prices.

Leading economic indicators have continued to be mixed. API’s Distillate Economic IndicatorTM suggested solid growth of U.S. industrial production and broader economic activity (please see the following chart for details), However, the University of Michigan’s consumer sentiment index plummeted in February and early March, and this has historically related to weaker consumer spending.

Demand
• Strongest U.S. petroleum demand since August 2005.
– Urban commuting returned motor gasoline demand to near the top of the five-year range.
– Freight trucking drove the strongest February distillate demand since 2015.
– Jet fuel demand was 10% below its Feb. 2019 level.
– Highest Feb. residual fuel oil demand since 2012.
– Other oils’ demand sustained near-record levels.

Prices & Macroeconomy
• Increased crude oil prices outpaced those of gasoline in February.
• Leading indicators highlight industrial growth, but a continued drop in consumer sentiment.

Supply
• U.S. crude oil production edged upwards.

International trade
• U.S. petroleum net imports persisted despite higher exports.

Industry operations
• Refinery capacity utilization and gross inputs at their highest for February since 2018 and 2019, respectively.

Inventories
• Inventories were at their lowest since 2018.


PETROLEUM FACTS AT A GLANCE – March 2022 RELEASE

1. Total U.S. supply of crude oil, natural gas liquids and other liquids in February 2022: 18,490,000 b/d, up by 3,550,000 b/d compared with February 2022 (February 2021: 14,940,000 b/d) [API]

2. U.S. crude oil production in February 2022: 11,617,000 b/d (of which 421,000 b/d was Alaskan) (February 2021: 9,773,000 b/d). U.S. production of natural gas liquids in February 2022: 5,758,000 b/d (February 2021: 4,215,000 b/d). [API]

3. Total petroleum products delivered to the domestic market in February 2022: 21,626,000 b/d (February 2021: 17,444,000 b/d). [API]

4. U.S. petroleum exports in February 2022: 7,705 ,000 b/d (February 2021: 7,661,000 b/d). [API]

5. U.S. petroleum trade balance expanded by 782,000 b/d to imply February 2022 net imports of 769,000 b/d (February 2021: 13,000 b/d net exports). [API]