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US Monthly Production Rises and Demand Falls in July: EIA

OIL

US oil demand fell in the month of July to 20.12mbpd from a five-year seasonal high of 20.72mbpd in June 2023 but up compared to 19.93mbpd in Jul 2022 according to the latest monthly data from the EIA.

  • US crude production rose from a revised 12.90mbpd in June to the highest since Nov 2019 at 12.99mbpd in July and up from 11.83mbpd in Jul 2022.
    • Change in US oil demand y/y by product in kbpd:
    • Gasoline -202 to 9,013
    • Distillate +74 to 3,647
    • Jet fuel -167 to 1,770

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