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US Daily Oil Summary: Crude Production Hitting Record High

OIL

US crude production rose from 12.96mbpd in July to a record high of 13.05mbpd in August surpassing the pre-covid levels and up from 11.99mbpd in Aug 2022.

  • EIA has revised up the estimate for US road fuel demand in August based on monthly data compared to the weekly data with gasoline consumption at 9.30mb/d vs the weekly at 9.06mb/d and diesel at 4.13mb/d vs 3.76m b/d.
  • Marathon Petroleum’s 593kbpd Galveston Bay refinery in Texas is scheduled to end maintenance in 4Q23, from 1Q24 previously planned, the firm said, cited by Reuters.
  • US retail automotive gasoline prices declined by 1.5% in the week ending Oct. 27 to $3.320/gal, according to the EIA.
  • The weakness in USGC gasoline prices has made the region the cheapest source of gasoline for Nigeria for November delivery, according to Bloomberg citing Sparta commodities.
  • USD: The Bloomberg dollar spot index was up strongly on the day, rising 0.47% to 1276.68.
  • The Chicago Business Barometer™, produced with MNI fell -0.1 points to 44.0 from 44.1 in September. It remains below the 48.7 level seen in August but broadly in line with the 2023 average of 44.2.
  • House Speaker Mike Johnson (R-LA) has made his first major political play since he was elected speaker last week, announcing he will press forward with a USD$14.3 billion Israel package, offset by cuts to the IRS.
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