• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 13 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 day Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 2 days Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 20 hours US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021
  • 2 days "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 6 hours NordStream2
  • 1 day Storage of gas cylinders
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

New All-Time High U.S. Output Forces Oil Lower

U.S. West Texas Intermediate crude oil is in a position to close lower for a second consecutive week. The catalysts behind this week’s selling pressure are trader reaction to a new all-time high in U.S. production and continued worries over expectations of higher OPEC output.

According to the U.S. Energy information Administration in its monthly report, U.S. crude oil production jumped 215,000 barrels per day (bpd) to 10.47 million bpd in March, the highest on record.

In other crude oil news, oil imports from Venezuela dropped more than 3 million bpd to 13.21 million bpd in the month, approaching the all-time low 13.20 million bpd, reported in January of 2003.

Gasoline demand in March was 9.4 million bpd, up 1 percent, or 94,000 bpd from a year earlier, according to the report. At the same time, gasoline exports rose to 951,000 bpd, up 361,000 bpd from a year earlier.

Distillate fuel exports were 1.15 million bpd in the month, down about 12,000 bpd from a year earlier. Demand for distillate fuels, including diesel and heating oil was 4.2 million bpd, up 0.4 percent, or 15,000 bpd, from a year earlier.

In other news, U.S. crude stockpiles fell 3.6 million barrels in the week-ending May 25, the EIA said, exceeding expectations for a decline of 525,000 barrels.

Prices were holding steady at the end of the week because the drop in inventories in the U.S. was overshadowed by the jump in production to a record high level. Besides, at this…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News