China could import nearly all U.S. crude oil production
According to a Bloomberg report China imported nearly as much crude oil per day in January as the U.S. produces. China bought 24.87 million metric tons of crude more than it exported last month, according to figures released on the website of the Beijing-based General Administration of Customs today. That’s equivalent to 5.88 million barrels a day, the most since May, data compiled by Bloomberg show.
With China importing nearly 6 million barrels per day and with the U.S. producing over 6 million barrels per day the two are close to being in balance. Essentially China is now importing nearly as much oil every day as the world’s third largest producer extracts.
So can the U.S. raise production faster than China raises demand? While this not an issue to focus on it does provide some perspective about just how much oil China imports and whether all the hype about Saudi America really does change the game much. It also helps explain why the Brent benchmark today is trading at $118/b
Speaking of price – Energy price junkies have a new place to visit
The EIA has added a daily price report to its Today In Energy page. The page reports the usual suspect like WTI or Brent but it also includes such favorites as the 3:2:1 crack spread and spark spread. Where else is it this easy to get the price of a ton of coal on the Nymex and the price of natural gas in New England.