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DTO - More Data More Confirmation That U.S. Oil Production Has Fallen Off A Cliff In May
Deutsche Bank AG London ZC SP ETN REDEEM 01/06/2038 USD 25 - 25154K809
Welcome to the more data edition of Oil Markets Daily!
EIA's latest weekly oil storage report, once again, surprised the consensus estimate of +1 mbbls for crude. With a draw of -3.1 mbbls overall in crude, implied US oil production is below 10 mb/d.
Source: EIA, HFI Research
In EIA's report, US oil production was pegged at 11.6 and 11.5 mb/d for the last 2 weeks. But the adjustment factor, which is the balancing equation, has been stunningly negative over the last 2 weeks, averaging over -900k b/d. In fact, on a rolling 4-week basis,