22 Jul 2020 Featured in: Americas Weekly - Issue 29

Research Highlights - Week 30

US crude production gains momentum (see Americas Weekly – Issue 29)

image
  • Builds are back as US commercial crude inventories swelled by 4.9 million barrels in the week ending 17 July.

  • This came as the 4-week average of implied production increased 530,000 b/d w-o-w to its highest level since mid-May, which combined with a second consecutive weekly crude intake reduction to offset a mild contraction in net imports (EIA).

  • Although aggregate figures are looking better for the upstream sector, localized production in areas such as North Dakota has been badly hit.