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BNO - U.S. Oil Production Disappoints To The Downside In December
United States Brent Oil Fund LP ETV
Welcome to the EIA 914 edition of Oil Markets Daily!
EIA 914 came out today and it was a doozy. US oil production fell in December to 12.779 mb/d, down from 12.863 mb/d. Not to mention that November volumes also were revised lower from ~12.88 mb/d from the previous report.
The drop in US oil production came as a surprise to us as we had a moderately flat US oil production reading for December. This downside surprise has now pushed revisions lower for January and February US oil production figures.