REVIEW OF THE PETROLEUM TRADE OF THE UNITED STATES, FOR THE YEAR 1893. THE petroleum industry in the United States during 1893 showed a decline in production, an increased home consumption and export movement in refined oils, while lower values prevailed, except for crude certificates. Speculative interest continues at such a low ebb that dealing in crude certificates is now an obscure side issue at the Exchanges. The shipments from Russia to European countries continue to increase, and the progress made in this direction is at a larger ratio than during the preceding two years. Every legitimate effort is still being made by American refiners to compete successfully with the Russian product in European markets by supplying a good article at low prices, and the downward course of values in the United States has doubtless enabled shippers to more than hold their own in foreign ports, while the profits of producers and manufacturers are curtailed thereby, and production restricted in consequence. There is no indication of an early change in the general characteristics of the home market; the industry is on a healthy basis; fluctuations are less violent on account of the absence of speculation; manufacturers are prosperous and enjoying an increased demand for the various products, except the grade of oil used for fuel purposes, which shows a decreased movement during the year under review. Production. The production of petroleum in the Pennsylvania fields last year was smaller than during 1892, but the situation was somewhat improved, and producers felt more encouraged by the reduction of surplus stocks and better prices. The total production last year was 30,936,879 barrels, against 32,761,466 barrels for 1892, 34,486,923 in 1891 and 29,130,751 in 1890. The number of wells completed numbered 1,956, against 1,954 in 1892 and 3,390 in 1891, and the average production per well fell to 46.34 barrels, compared with 52.54 in 1892 and 58.90 for 1891; the highest average was 75.50 in February last, and the lowest 30.64 in September. Only one new field of any importance was developed the past year, that at Primrose and Midway, and it is in this extreme southeastern portion of the field that operations are at this time most active; the developments in Ohio township are also promising. There has been more stimulus to bring about the discovery of new fields, but the great staying powers of McDonald and the new developments at Sistersville have been almost sufficient to keep the pipe lines busy. Allegany, in New-York State, completed 31 wells in 1893, against 22 the previous year, and the Bradford field 49, as compared with 29 in the year preceding. The Southwest completed 1,257 wells in 1893 and 1,316 in 1892. Venango and Clarion are credited with 242 in 1893 and only 131 in 1892, while Butler and Armstrong finished 295 in 1893 and 337 in 1892. As a whole, 1,574 wells were completed in the Ohio field in 1893 and 1,449 in 1892. Old fields have been extended as new fields were found unproductive. The developments in the Indiana field the past year have been successful. The production has been increased, and it has become an important factor in staying the decline that had set in in the out-put of the fuel oil in the Northwest. Nearly 525 wells have been completed during the year, which is nearly twice as many as were completed in 1892. The oil business in the Southwest within the past year has been practically revolutionized. The indiscriminate manner in which operations have been conducted for many years has given place to conservative methods. The operator with small means, or little more than a "promise to pay," has gone out of business. Sharp competition and the credit system drove two of the largest oil well supply firms in the country into receivers' hands. The wildcatter, with sixteenths to sell, has lost his occupation. In the last year, like the one that preceded it, to the gas companies belongs the credit for the discovery of the new pools in Washington and Allegany counties. Consumption.-The home trade consumption of refined petroleum during 1893 reached 14,000,000 barrels (crude equivalent,) against 13,000,000 barrels in 1892, 12,000,000 in 1891 and 11,000,000 in 1890. The sale of Ohio and Indiana petroleum for fuel purposes is estimated at 9,000,000 barrels for 1893, against 11,000,000 for 1892, 10,600,000 for 1891 and 7,000,000 for 1890. The total home consumption, according to the foregoing figures, amounted to 23,000,000 barrels in crude equivalent last year, against 23,500,000 barrels in 1892, 22,600,000 in 1891 and 18,000,000 in 1890. Exports.-Refined.-The total shipments of refined oil from this port have been the largest ever known, and show an increase when compared with 1892 of 99,917,709 gallons, notwithstanding the active competition from Russian oil, the shipments of which from Batoum were 297,879,140 gallons, against 258,571,095 in 1892. Prices for American refined ruled lower, the average for the year being 5.23 cents, against 6.07 for 1892 and 6.85 for 1891. Russia has not taken any American refined oil during the period under review. The export movement from Philadelphia and Baltimore was larger than usual during 1893. Crude.-Crude oil for export ceased to be quoted in the NewYork market after last March on account of the lack of demand. During the first three months of the year the average monthly prices were 5.35 cents, 5.41 and 5.55 respectively, against the average for the whole year of 1892 of 5.49 cents and 6.32 cents for 1891. The principal shipments of crude during 1893 were made from Baltimore, and it is reported that the great bulk of the petroleum went to a refinery in Cuba. The New-York exports of crude last year were only 9,588,060 gallons, in comparison with 26,513,923 gallons for 1892. The total exports of crude and crude equivalent from New-York in 1893 were 644,508,221 gallons, in comparison with 528,210,472 gallons in 1892, while the total shipments of refined, crude and naphtha from the United States last year were 836,972,602 gallons, against 699,841,615 gallons for 1892. Naphtha.-The exports of naphtha from New-York were 4,895,626 gallons less last year than in 1892, and values ruled somewhat higher, the average price for 1893 being 5.55 cents, against 5.13 in 1892. MONTHLY RANGE AND AVERAGE PRICES IN NEW YORK IN 1893. EXPORTS OF PETROLEUM FROM THE PORT OF NEW-YORK TO FOREIGN COUNTRIES DURING THE YEARS 1892 AND 1893. |