U.S. Crude Output Hits Record 10.26M BPD in February

Reuters, May 1, 2018

U.S. crude oil production jumped 260,000 barrels per day (bpd) to 10.26 million bpd in February, the highest on record, the Energy Information Administration said in a monthly report on Monday. Production in Texas rose by 106,000 bpd to above 4 million bpd, also a record high based on the data going back to 2005.

The Permian basin, which stretches across West Texas and eastern New Mexico, is the largest U.S. oilfield. Output from North Dakota declined marginally to 1.15 million bpd, while output in the federal Gulf of Mexico rose by 89,000 bpd to 1.72 million bpd. The agency also revised January U.S. oil production up by 40,000 bpd to about 10.004 million bpd.

U.S. natural gas production in the lower 48 states rose to an all-time high of 87.6 billion cubic feet per day (bcfd) in February, up from the prior record of 87.3 bcfd in December, according to EIA’s 914 production report. Output in Texas, the nation’s largest gas producer, increased 1.5 percent in February to 22.4 bcfd, the most since December. In Pennsylvania, the second biggest gas producer, production increased 2.1 percent to a record high 16.4 bcfd in February. That compares with 15.0 bcfd in the same month a year ago.

Total oil demand in February was up 2.4 percent, or 460,000 bpd, to 19.62 million bpd versus last year, EIA data showed, as strong demand for distillates helped soften weakness in gasoline demand. Distillate demand in February was up 1.5 percent, or 57,000 bpd, to 3.96 million bpd versus last year, EIA data showed. Gasoline demand in February was down 1.9 percent, or 169,000 bpd, to 8.81 million bpd, EIA data showed. Gasoline demand was up 2.8 percent year-over-year in January.

(Reporting by Devika Krishna Kumar and Scott DiSavino in New York; Editing by Marguerita Choy)

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