The United States resumes its status as a net energy exporter in August

According to the Daily Energy website on September 21: According to data from the American Petroleum Institute (API), despite the damage caused by Hurricane Laura and the uncertainty of the epidemic, the United States was still a net energy exporter in August.

API's "Monthly Statistics Report for August 2020" and "Industrial Outlook for the Third Quarter of 2020" show that imports of crude oil and refined oil fell by 5.3% to 7.5 million barrels per day, and exports rose by 2.0% to 780,000 barrels per day. . Among exports, refined oil was 4.8 million barrels per day, an increase of 1.9% year-on-year; crude oil was 3 million barrels per day, an average increase of 100,000 barrels per day in August.

API chief economist Dean Forman said: "Although the market remains fragile, in August we made substantial progress in rebalancing and normalizing key indicators." "Although Hurricane Laura caused damage, the United States Still regaining its status as a net exporter is very important because it shows the elasticity of international demand and the fact that domestic refiners are increasingly turning to domestic low-sulfur crude oil during the widespread economic recession."

As people return to work, U.S. oil demand rose slightly to 18.3 million barrels per day in August, driven by rising demand for fuel for automobile transportation and increased trucking activities. Demand for diesel increased by 4.2% month-on-month, and demand for gasoline increased by 1.5% month-on-month. The main reason for the weak jet fuel demand was that jet fuel demand fell by more than 46% from the same period last year due to weak demand for air travel.

The U.S. crude oil and liquid natural gas production fell in August because drilling activities fell to the lowest level since November 2001. Total oil inventories increased by 0.2% to 1.46 billion barrels, but crude oil inventories fell 3.2% to 502.8 million barrels per day.