Welcome to the disappointing edition of Oil Markets Daily!
EIA 914 was released today and US oil production moved lower m-o-m to 11.682 mb/d. This was a drop of 189k b/d from January's volume of 11.871 mb/d. This also marks the first month since last year that the weekly US oil production figure surpassed the monthly figure.
More interestingly, however, is the fact that the trued-up US oil production showed an increase m-o-m.
It's actually quite difficult to explain why this has taken place considering that all the other variables were aligned.
You can see