10272020Tue
Last updateTue, 27 Oct 2020 7pm

End-User News

API: U.S. Energy Markets are Rebalancing, Remain Fragile

The U.S. returned to being a net energy exporter in August despite disruptions from Hurricane Laura and ongoing uncertainty over the pandemic, according to data released in the American Petroleum Institute’s (API) August 2020 Monthly Statistical Report and Q3 2020 Industry Outlook. Higher demand and lower supply translated into lower crude oil inventories and further illustrated the gradual rebalancing of the market.

“Although the market remains fragile, we saw substantive progress in August towards the rebalancing and normalizing of key indicators,” API chief economist Dean Forman said. “The U.S. return to net exporter status despite disruptions from Hurricane Laura is significant in that it shows a combination of resilience in international demand coupled with domestic refiners increasingly turning to domestic sweet crude despite and in fact due to the pandemic-driven recession.”

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