US Crude Production, Oil Demand and Exports Hit Records in April
The Energy Information Administration reported Monday that U.S. crude production, petroleum consumption, and exports all reached record highs in April. Crude output averaged 13.934 million barrels per day, rising 216,000 b/d from March, primarily driven by a 129,000 b/d increase in the Gulf of Mexico. Combined crude and refined product exports topped 13.6 million b/d, while total petroleum consumption hit 20.808 million b/d, up 595,000 b/d year over year.
The data shows domestic supply growth accelerating despite ongoing geopolitical tensions, including the war in Iran, which previously raised concerns about fuel demand destruction. April gasoline demand climbed 270,000 b/d to 9.123 million b/d, marking the highest April figure since 2019. Analysts noted the production surge was largely fueled by higher prices inducing faster well completions and increased flow rates, though they cautioned this could lead to steeper output declines in the near term. Meanwhile, total petroleum inventories, including the Strategic Petroleum Reserve, fell to their lowest level since 1983.
From the sources (12 posts)
@tomklozaRecord US output of crude displayed in this morning's Petroleum Supply Monthly from EIA. Thanks mostly to a 129,000 b/d rise in Gulf of Mexico production, total US output hit 13.934-million b/d; up 216k on the month and 468k year-over-year.
@staunovoUS crude production was at 13.934mbpd in April vs 13.718mbpd in March (revised from 13.696) m/m changes in kbpd US +216 Gulf of America/Mexico +119 New Mexico +65 Texas +36 North Dakota +8 Ohio +6 Oklahoma -12 EIA #oott
@kalshiJUST IN: US strategic oil reserves fall to "lowest" level since 1983
@tomklozaIf you think the second mo. of the Iran War led to US gasoline demand destruction, today's EIA report tells a different story. April gas demand measured at 9.123-mbd, up 270,000 b/d from March and the highest April level since 2019. Number
@joshyoungUS oil production achieved a new record of over 13.9 million bpd in April. Multi-year high oil prices induced accelerated well completions and loosening of chokes and valves of existing wells. Robbing from the future to produce today. H
@staunovoUS petroleum inventories (crude, SPR, refined products) fell by 53.929mb m/m to 1,641.477mb in April NGL inventories rose by 8.118mb in April EIA #oott
@staunovoUS crude exports were at record 5.593mbpd in April Top buyers in kbpd Netherlands 1,210 South Korea 840 Japan 660 Canada 415 Italy 301 Singapore 299 EIA #oott
@staunovoUS refined products exports were at record 8.017mbpd in April Top buyers in kbpd Mexico 964 China 763 India 676 Japan 626 Canada 490 Netherlands 440 EIA #oott
@tomklozaAnother new record established in April Petroleum Supply Monthly. Total crude & products exports topped 13.6-million b/d. Compare that to August 2005 when Katrina came ashore and we only exported 1.295-million b/d. Ten times as much oi
@staunovoRT @TomKloza: If you think the second mo. of the Iran War led to US gasoline demand destruction, today's EIA report tells a different story…
@staunovoUS oil demand y/y growth by product in kbpd in April Total +595 to 20,808 Gasoline +213 to 9,123 Distillate +4 to 3,887 NGL +242 to 3,489 Jet fuel +50 to 1,814 Still gas to +9 to 620 Residual fuel oil +84 to 377 Asphalt +38 to 354 EIA #oo
@oilheadlinenewsUS oil demand was up 595kbpd or 2.9% y/y to 20.808mbpd in April, a new record high for the month of April - EIA - @staunovo