Commodities Analysis by Investing.com (Barani Krishnan) covering: Brent Oil Futures, Crude Oil WTI Futures, ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Bloomberg Crude Oil. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
The EIA's revised reporting method has raised production estimates, challenging industry expectations.
In its latest Weekly Petroleum Status Report, the EIA projected U.S. crude output at 12.8M barrels per day during the week ended Aug. 18. That was the agency’s highest estimate since the record 13.1M barrels that the United States produced daily before the coronavirus outbreak in March 2020. Saudi Arabia, which has been producing oil at well below its capacity for more than a year now, announced an additional million barrels per day reduction in July that could carry through into October. Cargo tracking data by Kpler also suggests that Russian exports may fall by as much as one million barrels per day this month as the Kremlin seeks to tighten production.
“These are career professionals who work for the energy sector and the American people; they are not there to tell you what the president wants, regardless who that president or party is,” said John Kilduff, partner at New York energy hedge fund Again Capital.Interestingly, the EIA hasn’t been reporting more for just U.S. oil production — its number on crude exports have also been steadily rising.
Surging U.S. crude exports have been pushing down oil prices in Europe and Asia, proving a key source of supply as producers cut output and sanctions on Russian crude disrupt trade flows, a Reuters report from Aug 6 said.benchmark assessed by S&P Global Commodity Insights has not only spurred the rising exports but also helped to cap Brent and the European, African, Brazilian and Asian oil that are priced off the benchmark, traders and analysts said in the report.
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