Locator: 44608WTI.
Excellent update US: crude oil production and demand. Link here.
If I could recommend only one article today, this would be it, although it's really nothing more than a re-writing of the EIA weekly petroleum report.
Data points:
- production
- increased by 100,000 b/d
- for week ending March 17, 2023: 12.3 million bopd produed
- this matched the 2023 peak and the production pinnacle since early 2020 (Trump lockdown: March, 2020)
- in March, 2020: a record 13.1 million bopd production
- the 12.3 million bopd just reported far exceeds the year-earlier 11.6 million bopd
- demand:
- for same week, demand increased 5% w/w
- crude exports declined modestly
- --> SPR increased by 1.1 million bbls w/w
- at 481.2 million bbls, SPR was 8% above the five-year average
- tell me again why we need to think about re-filling the SPR
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