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Welcome to the US oil production edition of Oil Markets Daily!
US oil production shut-in is starting to have a real effect on US crude storage balances. Implied balance for today suggests US oil production is at or below 11 mb/d.
Source: EIA, HFI Research
We had forecasted a build of ~8+ mbbls, but EIA reported +6 mbbls. We had used implied production of 11.3 mb/d in the report, so the delta is related to production.
Our volume modified US oil production shows April average to be ~12 mb/d.