• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 1 hour China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 16 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 14 mins Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 8 hours US to Drown the World in Oil
  • 4 hours Used Thin Film Solar Panels at 15 Cents per Watt
  • 10 hours Iran Is Winning Big In The Middle East
  • 4 hours The Rarely Revealed Part of the Nuclear Problem
  • 13 hours Strait Of Hormuz As a Breakpoint: Germany Not Taking Part In U.S. Naval Mission
  • 18 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 8 hours With Global Warming Greenland is Prime Real Estate
  • 8 hours Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 5 hours Trump cancels Denmark visit amid spat over sale of Greenland
  • 15 hours LA Solar Power/Storage Contract
  • 13 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

EIA: U.S. Crude Production Down 5.8%

U.S. production has dropped 5.8 percent over the past year, while OPEC countries continue to boost output, according to new data from the Energy Information Administration (EIA) today.

The U.S. is now experiencing its lowest drop in production since September 2014, according to Bloomberg, with output dropping by 113,000 barrels per day last week, reaching 8.825 million barrels.

Related: Another Major Natural Gas Pipeline Project Bites The Dust

According to Bloomberg, this indicates that the U.S. is losing the output battle with OPEC.

At the same time, the EIA noted that crude oil stockpiles increased to new records last week, up 2.8 million barrels in the week to 29 April. That put inventories at 543.4 million barrels. This was roughly one million barrels more than analysts had anticipated. Related: Oil Prices Fall Back as Rally Hits a Ceiling

In the Midwest and on the East Coast, crude stockpiles were higher than at any time since 1990.

According to the EIA, “U.S. crude oil refinery inputs averaged 16.0 million barrels per day during the week ending April 29, 2016, 139,000 barrels per day more than the previous week’s average.”

Refineries operated at 89.7 percent of their operable capacity last week.

Related: Low Oil Prices? Texas Is Doing Just Fine

The report highlighted that gasoline demand remains strong.

In terms of prices, the EIA noted: “The WTI price was $45.98 per barrel on April 29, 2016, $3.22 above last week’s price but $13.12 below a year ago. The spot price for conventional gasoline in the New York Harbor was $1.571 per gallon, $0.067 higher than last week’s price but $0.376 lower than a year ago. The spot price for ultra-low sulfur diesel fuel in the New York Harbor was $1.385 per gallon, $0.071 over last week’s price but $0.599 under a year ago.”

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • MP123 on May 05 2016 said:
    You mean the US is experiencing its lowest production since September 2014, not its "lowest drop in production since September 2014"

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play