UCO - U.S. Oil Production Hits New Record High But The Data Shows The Growth Has Flatlined Since
Welcome to the growth has stalled edition of Oil Markets Daily!
The highly anticipated EIA-914 report came out on Jan. 31, showing US oil production surging to 11.9 mb/d for the month of November. Oil markets initially sold-off on that, but close followers of the fundamentals know that the adjustment + weekly actually showed the production figure to be over ~12.1 mb/d for the month of November, so the 11.9 mb/d was actually a "disappointment" versus what the data showed.
But more importantly, the important data to watch going forward is where is the trend