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YGRN - U.S. Oil Production Stagnates Through July But We See Growth Pick-Up Into Year-End
Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
Welcome to the stagnate edition of Oil Markets Daily!
EIA 914 last week was a bit of a surprise to us. It wasn't the fact that production in July was down relative to June. We knew GOM shut-in from hurricane was ~320k b/d in July, but it was the fact that overall production with the decline came in at ~11.806 mb/d. We had expected ~12.1 mb/d with the GOM decline because the production matrix suggested more of a flattish production profile in July.
This means that even if you add back the GOM production decline,