Oil Production in the United States Rises, Matching Pandemic High

Domestic crude oil production edged upward last week, the United States Energy Information Administration (EIA) reported Wednesday.

For the week ending April 1, U.S. crude oil production increased by 100,000 b/d. It is now at 11.8 million b/d, according to EIA’s latest Weekly Petroleum Status Report

It was yet another weekly uptick in domestic oil output after spending February and part of March in 11.6 million b/d territories.

EIA data showed a 2.4 million bbl week/week build in U.S. commercial crude oil inventories, which finished last week at 412.4 million bbl. Domestic crude stocks ended last week about 14% below the five-year average for this time of year.

Demand was 19.8 million b/d for the week ending April 1, staying essentially flat week/week and year/year.

During the past four weeks, demand averaged 20.4 million b/d, up 5.5% year/year. Motor gasoline consumption for the past four weeks averaged 8.7 million b/d, down 0.3% from the corresponding period in 2021. Meanwhile, distillate fuel demand averaged 3.9 million b/d for the four-week span, representing a 1.8% year/year increase. Jet fuel product supplied was 1.5 million b/d for the period, up 28.9% year/year.

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Source: Natural Gas Intel

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