SunSirs: EIA: Both US Oil Production and Demand Reached a Four Month High in April 2024

https://www.chemnet.com   Jul 01,2024 SunSirs

According to foreign sources on June 28th, the US Energy Information Agency (EIA) released its "Monthly Oil Supply Report" on Friday, which showed that both US oil production and demand reached a four month high in April.

The total crude oil production in the United States increased by 72,000 barrels per day compared to the previous month, reaching 13.25 million barrels per day, the highest level since December.

The supply of crude oil and petroleum products, measured by EIA, rose to 20 million barrels per day in April, an increase of 131,000 barrels per day from March and the highest level so far this year.

UBS analyst Giovanni Staunovo said in a report, "Compared to the STEO (EIA Short term Energy Outlook) report, demand unexpectedly increased by nearly 500,000 barrels per day, while crude oil production growth was not as high, indicating a tighter market supply in April."

Staunovo said, "The production of all major products: gasoline, distillate oil, and aviation coal is higher than STEO's estimate."

**Natural gas production has decreased for the second consecutive month**

The monthly 914 production report released by the EIA on Friday showed that in April, the total natural gas production of 48 states in the United States fell for the second consecutive month, to 114 billion cubic feet per day, lower than March's 114.9 billion cubic feet per day.

In December 2023, natural gas production reached a monthly record high of 118.2 billion cubic feet per day.

In major natural gas producing states, Texas production fell to a three-month low of 34.6 billion cubic feet per day in April. Pennsylvania's production increased to a two month high of 19.5 billion cubic feet per day.

Texas's natural gas production reached a monthly record high of 35 billion cubic feet per day in December 2023, while Pennsylvania set a monthly record of 21.9 billion cubic feet per day in December 2021.

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