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The OPEC Agreement Puts A Floor Under Oil Prices

The OPEC Agreement Puts A Floor Under Oil Prices

OPEC’s agreement to raise production…

API Focuses on Jump in January Petroleum Demand

Total petroleum deliveries for January rose 0.8 percent to 19.4 million barrels per day, according to the American Petroleum Institute (API) today.

Petroleum deliveries are viewed a measure of U.S. demand, and the API noted that last month’s deliveries were the highest January deliveries in eight years.

“Total motor gasoline deliveries, a measure of consumer gasoline demand, rose 1.4 percent from January 2015 to average 8.8 million barrels per day, the highest January demand since 2007. At nearly 3.6 million barrels per day, distillate deliveries decreased by 14.5 percent compared with January 2015,” according to the API.

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API chief economist Erica Bowman also noted that the “industry produced record amounts of gasoline in January that more than met rising consumer demand.”

"Additionally, refineries found plenty of international buyers for excess production leading to a record-setting January export level."

Year over year, crude oil production decreased 1.4 percent in January, according to API data, to average 9.2 million barrels per day.

The market is expected to react to the API report.

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It also reacted to API predictions earlier this week, which helped oil gain somewhat before those predictions were overridden by inventory data from the U.S. Energy Information Administration (EIA).

On Wednesday, the API had fed rumors of a fall in inventory by 3.3 million barrels for the week ending 12 February, helping oil prices gain before the release of the Department of Energy reports yesterday.

WTI settled 3.7 percent lower today, at $29.64 per barrel, earning an overall 0.7 percent gain for the week.

By James Burgess of Oilprice.com

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