Weekly EIA Petroleum Report -- Whopping Increase In Crude Oil Produuction -- Rest Of Report Unremarkable -- October 12, 2023

Locator: 45740WTI.

WTI: initially up; now down.

Link here.

• US crude oil increased by a whopping 10.2 million bbls; 424.2 million bbls; 3% below average.
• US crude oil imports: 6.3 million bpd; an increase; 3.5% more than same period one year ago
• refiners operating at a very, very low 85.7%
• gasoline production up; distillate production also increased
• distillates: 11% below average
• jet fuel supply up 5.1%

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  US Oil Production: 13 Million BOPD Is The Target
  

  Back in September, Rystad predicted that the US would hit a new all-time production record. Link here.

  

  Where do we stand today (most recent government figures)? Link here.

  

  When we hit that record:
  

• faux environmentalists will ignore it;
• faux environmentalists, on camera, when asked, will shedd alligator tears;
• the White House will have no press release congratulating US oil companies.
•