Tag: U.S. Crude Oil Production

The Energy Information Administration reported that June crude oil production rebounded by just 424,000 barrels per day, averaging 10.436 mmbd, following a 2 million barrel per day collapse in May. That compares to the EIA’s weekly estimates (interpolated) of 10.900 mmbd, a figure that was nearly 500,000 b/d higher.

Rebounds were largest in Texas (227,000), Oklahoma (102,000) Wyoming (57,000), and New Mexico (51,000). Given the huge reduction in May, production dropped by 1.624 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 136,000 b/d from a year ago. Continue reading "US Crude Production Stages A Modest Rebound" →

According to the Energy Information Administration, US petroleum inventories (excluding SPR) dropped by 2.6 million barrels last week to 1.444 billion, whereas SPR stocks dropped by 1.6 million barrels. Total stocks stand 152 mmb above the rising, rolling 5-year average and about 133 mmb higher than a year ago. Comparing total inventories to the pre-glut average (end-2014), stocks are 385 mmb above that average.

Crude Production

Production averaged 10.7 mmbd last week, down unchanged from the prior week, and 10.875 mmbd over the past 4 weeks, off 11.4 % v. a year ago. In the year-to-date, crude production averaged 11.974 mmbd, off 1.1 % v. last year, over 200,000 b/d lower.

Other Supply

I have previously noted in an article how the “Other Supply,” primarily natural gas liquids and renewables, are integral to petroleum supply. The EIA reported that it dipped 3,000 b/d v. last week at 6.639 mmbd. The 4-week trend in “Other Supply” averaged 6.746 mmbd, off 6.7 % over the same weeks last year. In YTD, they are unchanged from 2019. Continue reading "Analysis Of The US Petroleum Inventories" →

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.

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.

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

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.

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.

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" →

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).

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" →