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Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
U.S. June production was essentially flat, only down by 5 kb/d from May. The revision to May was a surprise. May was revised up by 81 kb/d to 11,312 kb/d.
The August STEO report forecast US June output would be 11,270 kb/d, a reasonable forecast, low by just 37 kb/d.
In the onshore lower 48, June production decreased by 20 kb/d to 9,042 kb/d, red graph. Overall, production was little changed in the three US regions, US L48 onshore, GOM and Alaska.