Texas Freeze Impacts Crude Oil Production

The Energy Information Administration reported that February crude oil production fell by 1.197 million barrels per day, averaging 9.862 mmbd. This follows a dip of 42,000 b/d in January. The freeze in Texas accounted for the majority of the downturn. The February 914 figure compares to the EIA’s weekly estimates (interpolated) of 10.368 mmbd, a figure that was 506,000 higher than the actual 914 monthly estimate.

Monthly US Crude Oil Production

Drops in production were experienced in Texas (836,000), New Mexico (105,000), Oklahoma (98,000), North Dakota (82,000 b/d), and lesser amounts in many states.

Given the huge reduction last May, production dropped by 2.884 mmb/d over the past 12 months. This number only includes crude oil. Continue reading "Texas Freeze Impacts Crude Oil Production"

Crude Production Steady In January 2021

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.

Monthly US Crude Production

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. Continue reading "Crude Production Steady In January 2021"

U.S. Petroleum Inventory Rise 4.8 Million Barrels

According to the Energy Information Administration, U.S. petroleum inventories (excluding SPR) rose by 4.8 million barrels last week to 1.292 billion, and SPR stocks were unchanged. Total stocks stand 2 mmb below the rising, rolling 5-year average and 31.4 mmb higher than a year ago. Comparing total inventories to the pre-glut average (end-2014), stocks are 233 mmb above that average.

Total US Petroleum Stocks

Crude Production

Production averaged 11.0 mmbd last week, up 100,000 b/d from the prior week. It averaged 10.700 mmbd over the past 4 weeks, off 18.0 % v. a year ago. In the year-to-date, crude production averaged 10.736 mmbd, off 17.5 % v. last year, about 2.3 mmb/d lower Continue reading "U.S. Petroleum Inventory Rise 4.8 Million Barrels"

U.S. Crude Oil Production Steady In December

The Energy Information Administration reported that December crude oil production fell by 58,000 barrels per day, averaging 11.063 mmbd. This follows a 682,000 b/d rise in November. The December 914 figure compares to the EIA’s weekly estimates (interpolated) of 11.100 mmbd, a figure that was 37,000 b/d higher.

Crude Oil Production

Drops in production were experienced in New Mexico (42,000 b/d), North Dakota (38,000 b/d), and Texas (34,000 b/d). But output in the US Gulf Coast rose by 70,000 b/d.

Given the huge reduction in May, oil production dropped by 1.7 mmb/d over the past 12 months. This number only includes crude oil. Continue reading "U.S. Crude Oil Production Steady In December"

U.S. Crude Production Rebounds In November

The Energy Information Administration reported that November crude oil production rose by 692,000 barrels per day, averaging 11.124 mmbd, its highest since March. This follows a 438,000 b/d drop in October and a 2 million barrel per day collapse in May. The November 914 figure compares to the EIA’s weekly estimates (interpolated) of 10.910 mmbd, a figure that was 214,000 b/d lower.

Crude

The primary cause of the rebound in production was the return of output in the U.S. Gulf Coast. USG production rose by 645,000 b/d from November, and Oklahoma output rose by 29,000 b/d, while New Mexico rose by 19,000 b/d. Continue reading "U.S. Crude Production Rebounds In November"