U.S. Crude Oil Production Collapsed In May

The Energy Information Administration reported that May crude oil production collapsed by 1.989 million barrels per day (mmbd), averaging 10.001 mmbd. That compares to the EIA’s weekly estimates (interpolated) of 11.419 mmbd, a figure that was 1.418 mmbd higher.

Crude Oil Production

Reductions were largest in Texas (764,000), North Dakota (353,000) and the Gulf of Mexico (300,000) and New Mexico (168,000). Given the huge reduction in May, production dropped by 2.112 mmb/d over the past 12 months. This number only includes crude oil. Other supplies (liquids) that are part of the petroleum supply fell by an additional 680,000 b/d from a year ago.

Crude Oil Production
Continue reading "U.S. Crude Oil Production Collapsed In May"

Analysis Of US Crude Production

According to the Energy Information Administration, U.S. petroleum inventories (excluding SPR) built by 8.8 million barrels last week to 1.461 billion, whereas SPR stocks were unchanged. Total stocks stand 171 mmb above the rising, rolling 5-year average and about 157 mmb higher than a year ago. Comparing total inventories to the pre-glut average (end-2014), stocks are 402 mmb above that average.

Total US Oil Stocks

Crude Production

Production averaged 11.1 mmbd last week, up 100,000 b/d from the prior week, and 11.025 mmbd over the past 4 weeks, off 7.7 % v. a year ago. In the year-to-date, crude production averaged 12.129 mmbd, up 0.4 % v. last year, about 50,000 barrels per day higher than a year ago.

US Crude Production

Other Supply

I have previously noted how the "Other Supply," primarily natural gas liquids and renewables, are integral to petroleum supply. The EIA reported that it fell by 30,000 b/d v. last week at 6.789 mmbd. The 4-week trend in "Other Supply" averaged 6.958 mmbd, off 0.4 % over the same weeks last year. In YTD, they are 0.7 % higher than in 2019. Continue reading "Analysis Of US Crude Production"

U.S. Crude Oil Production Fell Sharply In April

The Energy Information Administration reported that April crude oil production averaged 12.061 million barrels per day (mmbd), down 669,000 b/d from March. Reductions were largest in Texas (234,000) and North Dakota (195,000).

Crude Oil

Given the large reduction in April, crude oil production dropped by 62,000 b/d over the past 12 months. This number only includes crude oil. Other supplies (liquids) that are part of the petroleum supply fell by an additional 560,000 b/d from a year ago. Continue reading "U.S. Crude Oil Production Fell Sharply In April"

Analysis Of The EIA Statistics

According to the Energy Information Administration (EIA), U.S. petroleum inventories (excluding SPR) built by 5.9 million barrels last week to 1.451 billion, whereas SPR stocks built by 1.4 million. Total stocks stand 163 mmb above the rising, rolling 5-year average and about 151 mmb higher than a year ago. Comparing total inventories to the pre-glut average (end-2014), stocks are 392 mmb above that average.

EIA

Crude Production

Production averaged 11.0 mmbd last week, up 500,000 b/d from the prior week, and 10.950 mmbd over the past 4 weeks, off 10.6 % v. a year ago. In the year-to-date, crude production averaged 12.311 mmbd, up 1.7 % v. last year, about 200,000 barrels per day higher than a year ago. Continue reading "Analysis Of The EIA Statistics"

U.S. Crude Oil Production Peaked In November

The Energy Information Administration reported that March crude oil production averaged 12.716 million barrels per day (mmbd), down 28,000 b/d from February. Reductions occurred in the Gulf of Mexico (41,000 b/d) North Dakota (19,000 b/d), and Colorado (13,000 b/d). Because of the oil price war and demand destruction, the collapse in oil prices likely undercut output in March, but the substantial drop in production started in April.

Texas production rose by 67,000 b/d to an all-time high of 5.422 mmbd.

Crude Oil

The gains from last April were still 824,000 b/d. And this number only includes crude oil. Other supplies (liquids) that are part of the petroleum supply fell 490,000 b/d from a year ago. Continue reading "U.S. Crude Oil Production Peaked In November"