US Daily Oil Summary: Crude Output Hit Record in Nov

US crude production reached a record high of 13.308mbpd in November according to the updated EIA monthly production data to surpass the previous record seen in September.

• Pipeline operator Enterprise Products expects US crude production to rise by 1.8m b/d between 2023-2025, Senior VP Tony Chovanec said cited by Bloomberg.
• Phillips 66 plans to stop processing crude in February at its Rodeo, California refinery as it moves to renewable fuels. The 115k bpd refinery has been undergoing a conversion process to produce 50,000 bpd of renewable diesel with the option to make sustainable air fuel too.
• USD: A mid-session decline in US yields amid a confluence of headlines on US regional bank concerns and geopolitical developments, prompted a notable turn lower for the greenback on Thursday. Despite the earlier extension of post-FOMC strength, the USD index eventually slipped into negative territory on the day and currently resides down 0.20% ahead of the APAC crossover.
• The S&P Global US manufacturing PMI was surprisingly revised up to 50.7 in January (flash & cons 50.3) for a larger increase from the 47.9 in December.
• U.S. officials have confirmed to CBS News that plans have been approved for a series of strikes over a number of days against targets — including Iranian personnel and facilities — inside Iraq and Syria.
• MNI: US JOBLESS CLAIMS +9K TO 224K IN JAN 27 WK. US PREV JOBLESS CLAIMS REVISED TO 215K IN JAN 20 WK. US CONTINUING CLAIMS +0.070M to 1.898M IN JAN 20 WK.