• 2 hours US admin to kill Energy Star program
  • 55 mins Voters split on raising the gas tax
  • 7 hours As Trump Trashes NAFTA, Mexico Turns To Brazilian Corn
  • 2 hours Norway - World's Most Democratic Country! Where is the U.S. on the list?
  • 10 mins First Oklahoma, Now Kansas Fracking Tied to Earthquakes
  • 3 hours Iran To Recover War Losses By Exploiting Syria Natural Resource !?
  • 20 hours Apple in Talks to Buy Cobalt Directly From Miners
  • 3 hours NASA Spends $1 Billion For a Launch Tower That leans, May Only be Used Once
  • 7 hours Uber CEO sees commercialization of flying taxis within a decade
  • 6 hours Ghana Discovers Lithium
  • 5 hours EIA Inventory Data (Wednesdays)
  • 3 hours CRUDE OIL PRICES
  • 2 hours Denbury and Statoil are killing it
  • 20 hours Ideas on demand
  • 20 hours Vanadium: The Next Star in Batteries?
  • 13 hours Plastic bans to dent oil demand growth-BP
How To Avoid Blackouts Using 100% Renewable Energy

How To Avoid Blackouts Using 100% Renewable Energy

The inconsistency of power produced…

U.S. Crude Exports Hit A Major Milestone

U.S. Crude Exports Hit A Major Milestone

In a major milestone for…

U.S. Weekly Oil Output Hits All-Time High

Oil

Government data indicates American output hit an all-time high last week, signaling the resilience of North American drilling as oil prices begin another recovery.

The U.S. produced 9.62 million barrels of oil per day through November 3rd, the Energy Information Administration (EIA) said today, overtaking the previous high that occurred back in June 2015.

The agency’s Petroleum Status Report from last week said exports hit an all-time high at two million bpd as well.

The combined effect of the reports sent West Texas Intermediate (WTI) downwards on Wednesday.

While EIA often revises its weekly production figures, American shale production continues to frustrate the Organization of Petroleum Exporting Countries (OPEC), which has focused on reducing the global supply glut in order to help Brent prices recover to former highs.

After Brent and WTI both fell yesterday as traders started taking profit on the latest price rally, the EIA reported that U.S. crude oil inventories went up in the week to November 3, by 2.2 million barrels, rejecting API estimates of a 1.562-million-barrel draw.

Analysts polled by S&P Platts had forecast a 2.7-million-barrel draw in crude inventories, as well as a 2.25-million-barrel decline in gasoline stockpiles. The EIA said gasoline stockpiles did indeed decline, by 3.3 million barrels, which should provide some support to bulls.

The current rally may prove to be a lasting one, unlike the recent price spike after a variety of comments from both OPEC and Russian energy officials. But this time, the game is different: it’s a Middle Eastern version of Game of Thrones, and even if things don’t come to a head, the hostile exchange of threats would be enough to support oil prices at least until November 30.

Both sides in the Saudi-Iran conflict would benefit from higher oil prices, but it would be more meaningful to the Kingdom as it plans to list its national oil company in H2 2018—whether it could keep threatening Iran until then is doubtful, so the possibility of an open conflict is a real one.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment
  • Neil Dusseault on November 08 2017 said:
    For the record, I would just like to congratulate the oil workers in the U.S. of America.
    Seriously, although I do not know these folks, I couldn't be more proud of the job they are doing.
    It is dirty work, and it certainly is dangerous. It involves very hard hard work usually far away from their families for often long periods of time. These hard working Americans are risking their lives on oil rig platforms, oil field workers, 'roughnecks', etc. so that we can get to and from without too high of a price. They literally subsidize the entire economy by doing so through their efforts. So, once more, I thank them for what they provide.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News