---
title: "Crude Consumption and Production"
url: https://independentstockanalysis.com/crude-consumption-and-production/
description: "Oil Advances to 3-Month High Before Europe Debt Meetings at Bloomberg . Demand destruction stunner: “Oil consumption in July 2012 was 18.062 barrels per…"
published: 2012-08-21
updated: 2012-08-21
---

# Crude Consumption and Production

Published 2012-08-21

Posted on

by

J.J. Butler

Oil Advances to 3-Month High Before Europe Debt Meetings at [Bloomberg](http://www.bloomberg.com/news/2012-08-21/oil-advances-to-three-month-high-before-european-debt-meetings.html).

Demand destruction stunner: “Oil consumption in July 2012 was 18.062 barrels per day–matching July 1995 levels.” [John Hanger](http://johnhanger.blogspot.co.uk/2012/08/stunning-fact-us-oil-demand-in-july.html)

With 2011 Permian oil production of 767,000 bpd and Bentek estimating current Permian oil production near 1.29 million bpd, it seems the predicted 60% increase to 1.82 million bpd by year end 2016 is quite light. [Reuters](http://in.reuters.com/article/2012/08/15/permian-oil-bentek-idINL2E8JFCS120120815)

Projected Utica shale growth a ‘game changer’ for Ohio, speakers say at [Ohio](http://www.ohio.com/business/projected-utica-shale-growth-a-game-changer-for-ohio-speakers-say-1.326940).

The refinery trade defined: “U.S. oil refiners are benefiting from infrastructure bottlenecks.” [Globe and Mail](http://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/oil-industrys-upside-of-infrastructure-woes/article4488722/)

At some point the U.S. might want to stopping lolly-gagging and approve the Keystone XL Pipeline: [Mining](http://www.mining.com/northern-gateway-line-could-be-capped-with-a-13-billion-refinery-71723/?utm_source=digest-en-mining-120817&utm_medium=email&utm_campaign=digest). “…overall, the idea of adding the value in Canada, developing, upgrading, processing, refining, our own natural resources is a good one.” [Financial Post](http://business.financialpost.com/2012/08/20/mulcair-touts-oil-sands-as-important-resource/)

I maintain US natural gas drillers would destroy LNG pricing in short order if given the chance ([IAR](http://www.iar-gwu.org/node/429)). A pragmatic look at The Reality of Exporting LNG at [Haynesville Play](http://www.haynesvilleplay.com/2012/08/the-reality-of-exporting-lng.html#more).

I’m still catching up, so while this is a almost a week old, energy was actually the second best performing sector over the last month: [All Star Charts](http://allstarcharts.com/wp-content/uploads/2012/08/8-18-12-Rotation.png).

Owning the right stocks is vital. Robust oil prices and still ATP Oil & Gas Files for Bankruptcy Protection in Texas at [Bloomberg](http://www.bloomberg.com/news/2012-08-17/atp-oil-gas-files-for-bankruptcy-protection-in-texas.html).

Update: In the next day or two *Independent Stock Analysis* looks to become a subscription website.