US September Crude Oil Production Hits 4th Month Running at Record Highs
$DIA, $SPY, $QQQ, $RUTX, $USO, $VXX
US Crude Oil production hit a new all-time high of 11.5-M BPD in September, according to the data announced Friday, the latest indicator of a wave of onshore US production that has weighed on global markets.
US Crude Oil output rose 129,000 BPD in September to 11.475-M BPD, the U.S. Energy Information Administration said in a monthly report.
At the same time, demand for gasoline fell and demand for diesel and other distillate heating fuels rose from a year earlier.
Crude Oil production, which was up nearly 21% Y-Y, broke its Y 1970 record of 10.04 million BPD in November 2017, and has set monthly record highs for 4 months running since June.
The increase from August reflected rising onshore output that outstripped production cuts in the US Gulf of Mexico during Hurricane season.
Production rose 106,000 BPD in Texas, 64,000 BPD in North Dakota and 24,000 BPD in New Mexico. Production in the offshore Gulf fell by 147,000 BPD in the month, as storms including Hurricane Gordon prompted producers to shut in production .
Meanwhile, Nat Gas production in the lower 48 rose to an all-time high of 95.9-B bcfd in September, up from the prior record of 94.8 bcfd in August, according to EIA’s 914 production report.
In Texas, the nation’s largest Nat Gas producer, production increased to a record high 25.1 bcfd in September, up 0.7% from August. That compares with output of 22.1 bcfd in September 2017.
Gasoline demand fell from a year earlier, dropping 260,000 BPD to 9.1-M BPD. Demand for distillate fuel, which includes both diesel and heating oil, increased 86,000 BPD to 4-M BPD.
Friday, the major US stock market indexes finished at: DJIA +199.62 at 25537.36, NAS Comp +57.45 at 7330.74, S&P 500 +22.41 at 2760.44
Volume: Trade on the NYSE came in at 1.5-B/shares exchanged
- NAS Comp +6.2% YTD
- DJIA +3.3% YTD
- S&P 500 +3.2% YTD
- Russell 2000 -0.2% YTD
HeffX-LTN’s US Major Stock Market Indexes Technical Analysis for the Week Ended 30 November 2018
|
Have a terrific weekend
US September Crude Oil Production Hits 4th Month Running at Record Highs added by Paul Ebeling on
View all posts by Paul Ebeling →
Paul Ebeling
Latest posts by Paul Ebeling (see all)
- Gold’s Market Price Hanging in Place - September 17, 2019
- Ferrari’s (NYSE:RACE)Mattia Binotto says his Team Boss role is “proving more fun than he’d predicted…” - September 17, 2019
- A New Source for Nutritious Omega-3s - September 17, 2019
