{"id":48262,"date":"2018-11-03T08:00:04","date_gmt":"2018-11-03T12:00:04","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=48262"},"modified":"2018-11-02T18:00:15","modified_gmt":"2018-11-02T22:00:15","slug":"u-s-crude-production-soars-august","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2018\/11\/u-s-crude-production-soars-august\/","title":{"rendered":"U.S. Crude Production Soars In August"},"content":{"rendered":"

The Energy Information Administration reported<\/a> that August crude oil production averaged 11.346 million barrels per day (mmbd), up 416,000 b\/d from July. The surge was led by a 126,000 b\/d increase in Texas and a 74,000 b\/d rise in the Gulf of Mexico. In addition, the increases were broadly based, implying a lagged-response to rising oil prices this year has created enough incentive to ignite production. The large rise in Texas was also unexpected due to reported pipeline constraints.<\/p>\n

\"production\"<\/p>\n

\"production\"
\n
\n\"production\"<\/p>\n

\"production\"<\/p>\n

The EIA-914 Petroleum Supply Monthly (PSM) figure was 388,000 b\/d higher than the weekly data reported by EIA in the Weekly Petroleum Supply Report (WPSR), averaged over the month, of 10.958 mmbd.<\/p>\n

\"production\"<\/p>\n

This implies a massive upward correction to EIA\u2019s weekly estimates probably in next week\u2019s report.<\/p>\n

\"production\"<\/p>\n

The August figure was a year-over-year gain of 2.102 mmbd. And the EIA Drilling Production Report estimates a 98,000 b\/d gain for November.<\/p>\n

Looking further ahead, the EIA was projecting December 2018 output of 11.240 mmbd. That number will likely be revised upward by 300,000 to 400,000 b\/d.<\/p>\n

\"production\"<\/p>\n

The biggest concern about realizing these forecasts had been infrastructure constraints in the Permian Basin. The increase in Texas seems to contradict that notion. I have also found that relief is on the way later this year and into 2019. There may be an oversupply of pipe capacity by 2020.<\/p>\n

Conclusions<\/h2>\n

The August production number is going to have a major impact on estimates of the world supply-demand balance. As such, it is likely to accelerate the move downward in price.<\/p>\n

Check back to see my next post!<\/p>\n

Best,
\nRobert Boslego<\/a>
\nINO.com Contributor - Energies<\/p>\n

Disclosure: This contributor does not own any stocks mentioned in this article. This article is the opinion of the contributor themselves. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. This contributor is not receiving compensation (other than from INO.com) for their opinion.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The Energy Information Administration reported that August crude oil production averaged 11.346 million barrels per day (mmbd), up 416,000 b\/d from July. The surge was led by a 126,000 b\/d increase in Texas and a 74,000 b\/d rise in the Gulf of Mexico. In addition, the increases were broadly based, implying a lagged-response to rising […]<\/p>\n","protected":false},"author":27,"featured_media":48265,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6920],"tags":[9455,8476,9456,8457,7224,9432,9193,9360],"class_list":["post-48262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ino-com-contributors","tag-eia-drilling-production-report","tag-energy-information-administration-eia","tag-permian-oil-basin-rigs","tag-robert-boslego","tag-the-energy-information-administration-eia","tag-u-s-crude-oil-production","tag-u-s-rig-counts","tag-weekly-petroleum-supply-report-wpsr"],"yoast_head":"\nU.S. Crude Production Soars In August - INO.com Trader's Blog<\/title>\n<meta name=\"description\" content=\"The Energy Information Administration reported that August crude oil production averaged 11.346 million barrels per day (mmbd), up 416,000 b\/d from July.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ino.com\/blog\/2018\/11\/u-s-crude-production-soars-august\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. Crude Production Soars In August - 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