{"id":54412,"date":"2021-04-08T11:52:42","date_gmt":"2021-04-08T15:52:42","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=54412"},"modified":"2021-04-08T11:52:42","modified_gmt":"2021-04-08T15:52:42","slug":"crude-production-steady-in-january-2021","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2021\/04\/crude-production-steady-in-january-2021\/","title":{"rendered":"Crude Production Steady In January 2021"},"content":{"rendered":"

The Energy Information Administration reported that January crude oil production fell by 21,000 barrels per day, averaging 11.080 mmbd. This follows a dip of 67,000 b\/d in December. <\/p>\n

\"Monthly<\/p>\n

Drops in crude production were experienced in North Dakota (45,000 b\/d), Oklahoma (11,000), and in the US Gulf Coast (11,000). But output in Texas rose by 25,000 b\/d.<\/p>\n

Given the huge reduction in May, production dropped by 1.675 mmb\/d over the past 12 months. This number only includes crude oil.<\/p>\n

\"Year<\/p>\n

The EIA-914 Petroleum Supply Monthly (PSM) figure was 125,000 barrels per day higher than the weekly data reported by EIA in the Weekly Petroleum Supply Report (WPSR).<\/p>\n

\"Crude<\/p>\n

The 914 figure was about 140,000 higher than the 10.940 mmbd estimate for that month in the March Short-Term Outlook. This difference is enough to trigger a \u201crebenchmarking\u201d to EIA\u2019s model in future production levels at this time.<\/p>\n

The EIA is projecting that 2021 crude production will exit the year at 11.54 mmbd. And for 2022, it projects an exit at 12.50 mmbd.<\/p>\n

\"Actual<\/p>\n

Drilling rigs have been steadily rising and the May WTI contract has rebounded to just below $60\/bbl.<\/p>\n

\"Oil<\/p>\n

Conclusions<\/h2>\n

The unprecedented oil price<\/a><\/strong> collapse of 2020 has been totally erased and U.S. crude production has responded. It appears that EIA projections for low growth in 2021 and 2022 may be too pessimistic.<\/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 January crude oil production fell by 21,000 barrels per day, averaging 11.080 mmbd. This follows a dip of 67,000 b\/d in December. Drops in crude production were experienced in North Dakota (45,000 b\/d), Oklahoma (11,000), and in the US Gulf Coast (11,000). But output in Texas rose by 25,000 […]<\/p>\n","protected":false},"author":27,"featured_media":53256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6920],"tags":[28,8457,7224,9075,9432],"class_list":["post-54412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ino-com-contributors","tag-crude-oil","tag-robert-boslego","tag-the-energy-information-administration-eia","tag-u-s-crude-oil-inventories","tag-u-s-crude-oil-production"],"yoast_head":"\nCrude Production Steady In January 2021 - INO.com Trader's Blog<\/title>\n<meta name=\"description\" content=\"The EIA reported that Jan crude oil production fell by 21,000 barrels per day, averaging 11.080 mmbd. 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