The EIA reported that Lower-48 production rose by 100 Mb/d to 13 MMb/d, the highest level ever recorded. Alaskan production remained at 400 Mb/d, resulting in a total U.S. production increase of 100 Mb/d to 13.4 MMb/d, also the highest on record. This increase was partly due to re-benchmarking, as we forecasted last week. In the monthly Short-Term Energy Outlook (STEO), the EIA assesses weekly domestic crude oil production estimates by comparing recent trends in the survey-based Petroleum Supply Monthly (PSM) with other current data. If significant discrepancies are found, the EIA re-benchmarks the weekly estimates during STEO release weeks. This week's re-benchmarking adjusted domestic crude oil production estimates by less than 50 Mb/d.
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- Analyst Insight
U.S. Crude Production at New Record High After Re-Benchmarking
Crude oil production hit a new all-time high of 13.631 MMb/d, spurred by the EIA's re-benchmarking of supplies by 105 Mb/d.
- Analyst Insight
EIA's New Crude-Supply Figures Add Visibility to Market
Lower 48 crude production remained stable at 12.8 MMb/d the last two weeks, the fifth and sixth consecutive weeks of flat output, according to Weekly Petroleum Status Report, which was not released last week because of a systems upgrade at the EIA. Alaskan production held steady at 400 Mb/d, keeping total U.S. output unchanged at 13.2 MMb/d.
- Analyst Insight
Crude Supply Boost Not The Real Fix It Appears
WPSR crude supplies jump in line with monthly numbers; a boost sorely needed to balance crude markets, but the increase could be short lived as rigs continue to plummet.
