Domestic crude oil production edged upward last week, the United States Energy Information Administration (EIA) reported Wednesday.
For the week ending April 1, U.S. crude oil production increased by 100,000 b/d. It is now at 11.8 million b/d, according to EIA’s latest Weekly Petroleum Status Report
It was yet another weekly uptick in domestic oil output after spending February and part of March in 11.6 million b/d territories.
EIA data showed a 2.4 million bbl week/week build in U.S. commercial crude oil inventories, which finished last week at 412.4 million bbl. Domestic crude stocks ended last week about 14% below the five-year average for this time of year.
Demand was 19.8 million b/d for the week ending April 1, staying essentially flat week/week and year/year.
During the past four weeks, demand averaged 20.4 million b/d, up 5.5% year/year. Motor gasoline consumption for the past four weeks averaged 8.7 million b/d, down 0.3% from the corresponding period in 2021. Meanwhile, distillate fuel demand averaged 3.9 million b/d for the four-week span, representing a 1.8% year/year increase. Jet fuel product supplied was 1.5 million b/d for the period, up 28.9% year/year.
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Source: Natural Gas Intel
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