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.
22 Jul 2020 Featured in: Americas Weekly - Issue 29
Research Highlights - Week 30
US crude production gains momentum (see Americas Weekly – Issue 29)