Weekly US energy inventories and production
- Prior was +4851K
- Gasoline -764K vs +1000K expected
- Distillates +2610K vs -750K expected
- Cushing +1177K vs -116K prior
- Production 11.7 mbpd vs 11.7 mbpd prior
- Production up 20% y/y
The API data late yesterday:
- Crude +3453K
- Gasoline -2620K
- Distillates +1185K
- Cushing +1302K
18 months ago, the EIA forecast the US would produce 9.8 mbpd this year. Let's just say that was on the conservative side. The next question is: How much more can the US produce in the next 5 years and is OPEC willing to cut to balance it out?
