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SCO - U.S. Oil Production Rebounds In June But Remains Far Below March Levels
ProShares UltraShort Bloomberg Crude Oil
Welcome to the US oil production edition of Oil Markets Daily!
Since March, US oil production has dropped by ~2.8 mb/d, according to our estimate.
Source: EIA, HFI Research
As you can see from our chart above, we had pegged US oil production, including adjustment to be 13.283 mb/d, and this dropped to a low of 10.088 mb/d in May, followed by a rebound in June.
The rebound in June was largely expected as US shale oil producers return shut-in production. We are going to see US oil production recover more still in July and