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Significant Rise in U.S. Crude Oil and Gasoline Inventory Levels
02/27/2024![Significant-Rise-in-U-S-Crude-Oil-and-Gasoline-Inventory-Levels](https://images2.rextag.com/public/blog/H248_Blog_Significant Rise in U.S. Crude Oil and Gasoline Inventory Levels.png)
This week, the American Petroleum Institute (API) reported that U.S. crude oil stocks increased by 7.168 million barrels, ending February 16. This rise exceeded analysts' expectations of a 4.298 million barrel increase. Last week, the API noted an 8.52 million barrel jump in crude inventories.
Brent crude saw a modest increase of 0.75% to $82.96, a $0.30 rise from the previous Tuesday, while the U.S. benchmark WTI went up by 1.05% to $77.85, gaining $0.10 from last week.
Cushing's oil inventories rose by 668,000 barrels this week, adding to the previous week's 512,000 barrel increase.
The Department of Energy (DoE) also highlighted a rise in the Strategic Petroleum Reserve (SPR) by 0.7 million barrels as of February 16, reaching a new high of 359.5 million barrels since May 2023.
Oil prices climbed before the API's announcement, fueled by expectations that U.S. refineries would boost operations post-maintenance, potentially reducing crude stockpiles. Market prices also found support from ongoing tensions in Russia and the Middle East.
Gasoline stocks also grew by 415,000 barrels this week, contrasting sharply with the previous week's 7.23 million barrel decrease. Current gasoline reserves are roughly 2% lower than the five-year average for this season, as per the latest Energy Information Administration (EIA) data.
Meanwhile, distillate stocks dropped by 2.908 million barrels, following a 4.016 million barrel decrease the week before. This places distillates 7% below the five-year average for the week ending February 9.
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Strategic Petroleum Reserves Grow as USA Adds Oil: How Long Will U.S. Oil and Gas Last?
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U.S. oil and gas output is leveling off after a period of intense activity. As of March 2024, crude oil production hovered around 13.2 million barrels per day, according to the U.S. Energy Information Administration. This marked a slight increase of less than half a million barrels per day from the previous year, indicating a slowdown from the rapid growth seen in the latter half of 2023.
US Leads Global Oil and Gas Production, US Drillers Cut Rigs Again and 1.4 Million BBL Decrease
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The U.S. has overtaken Saudi Arabia and Russia to become the world's largest oil and gas producer. In 2024, America's oil output has surpassed last year's record by 1.4%, reaching new heights. Even as oil-producing countries in the Middle East cut back, the U.S. continued to ramp up production after a downturn in 2020, establishing itself as a dominant force in the global market. In terms of numbers, U.S. oil production jumped from an average of 2.93 million barrels per day in 2023 to 13.12 million barrels per day in 2024, marking a significant 7.1% increase.
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The pipeline industry in the USA faced and still faces a range of regulatory challenges, including permitting delays, environmental requirements, and public opposition to pipeline projects. In recent years, pipeline projects like the Keystone XL and Dakota Access pipelines had legal and regulatory obstacles that delayed or canceled their construction. Keystone XL Pipeline, proposed by TransCanada in 2008, aimed to transport crude oil from Canada (around Calgary and Edmonton) to refineries on the Gulf Coast (Port Arthur). The project faced opposition from environmental groups and indigenous communities, who argued that it would contribute to climate change and pose a risk to water resources. In 2015, President Obama rejected the project, citing concerns about its environmental impact. However, in 2017, President Trump revived the project, leading to further legal challenges. In June 2021, U.S. President Joe Biden officially canceled the project on his first day in office.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/282_Blog_Renewable Natural Gas How RNG Changes the Industry.jpg)
The renewable natural gas (RNG) industry in the United States is showing promising signs of growth. As of 2019, the U.S. consumed 261 billion cubic feet (BCF) of RNG, primarily utilized by independent power producers, electric utilities, and various commercial and industrial entities. However, this figure represents only a small fraction of its potential. Research indicates that the U.S. could theoretically produce up to 2,200 BCF of RNG through anaerobic digestion alone, which would equate to about 11% of daily national natural gas consumption.
![$data['article']['post_image_alt']](https://images2.rextag.com/public/blog/295_Blog_Renewable Efforts Lag as Global Oil and Gas Demand Continues to Rise.jpg)
Recently, the progress toward an energy transition is hitting a snag. Sales of electric vehicles are decelerating, and the growth in wind and solar power needs to be keeping pace with expectations. To make matters more challenging, electricity prices are climbing when they were expected to fall. Amidst these setbacks, the oil and gas sectors are proving resilient. According to BP's latest energy outlook, not only are these energy mainstays here to stay, but their demand is expected to remain relatively high even after reaching a peak. Interestingly, BP forecasts that oil demand will reach its zenith next year, marking a critical moment in energy consumption trends. This isn't the first time BP has projected a peak in oil demand. Back in 2019, their review anticipated a decline in demand growth, but the prediction fell flat. Instead, oil demand surged to unprecedented levels following the end of the global pandemic lockdowns, defying previous forecasts and underscoring the enduring dominance of traditional energy sources in the global market.