U.S. oil and gas production continued to rise strongly in March - the delayed impact of very high prices that prevailed until the third quarter of 2022.
Oil output increased by 171,000 barrels per day in March compared with February, according to the U.S. Energy Information Administration .
On the gas side, dry production hit record 3,171 billion cubic feet in March and was more than 7% higher than in the same month a year earlier . The pandemic saw a much faster pass-through from prices to production in 2020, but that was in response to an exceptional once-per-century crisis. The lagged impact of these earlier high prices should start to fade from the third quarter, and especially the fourth quarter.
In the meantime, however, high levels of production are keeping inventories elevated, especially in the case of gas, which is in turn keeping prices under pressure.
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