U.S. crude oil production rose 286,000 bbl/d in September to 10.86 million bbl/d, as production increased in North Dakota and in offshore waters in the U.S. Gulf of Mexico (GoM).
Oil production rose 61,000 bbl/d in North Dakota and 315,000 bbl/d in the offshore GoM, offsetting cuts in Texas, where output fell 60,000 bbl/d.
Production rebounded slightly at a time when many analysts had expected it to fall. Still, output remained below the post-pandemic high of 10.97 million bbl/d, reported in July.
Low demand has weighed on the market during the coronavirus pandemic, even as production has risen from lows seen in the spring.
U.S. gasoline demand was down 6.8%, or 624,000 bbl/d, from a year earlier at 8.545 million bbl/d. Demand for diesel and other distillate fuel fell 2.5%, or 97,000 bbl/d, from a year earlier at 3.818 million bbl/d.
Monthly gross natural gas production in the U.S. Lower 48 states, meanwhile, slipped 0.9% to 99.9 Bcf/d in September.
That was the first monthly decline in Lower 48 output since May. Current gas output remains well below December 2019's record 107.1 Bcf/d average due to steep, coronavirus-related declines earlier in the year.
In top gas producing states, output fell 1.9% in Texas to 27.7 Bcf/d and 4.5% in Pennsylvania 19.4 Bcf/d in September.
Recommended Reading
Petrie Partners: A Small Wonder
2024-02-01 - Petrie Partners may not be the biggest or flashiest investment bank on the block, but after over two decades, its executives have been around the block more than most.
From Restructuring to Reinvention, Weatherford Upbeat on Upcycle
2024-02-11 - Weatherford CEO Girish Saligram charts course for growth as the company looks to enter the third year of what appears to be a long upcycle.
Kimmeridge Fast Forwards on SilverBow with Takeover Bid
2024-03-13 - Investment firm Kimmeridge Energy Management, which first asked for additional SilverBow Resources board seats, has followed up with a buyout offer. A deal would make a nearly 1 Bcfe/d Eagle Ford pureplay.
Laredo Oil Subsidiary, Erehwon Enter Into Drilling Agreement with Texakoma
2024-03-14 - The agreement with Lustre Oil and Erehwon Oil & Gas would allow Texakoma to participate in the development of 7,375 net acres of mineral rights in Valley County, Montana.
Private Equity: Seeking ‘Scottie Pippen’ Plays, If Not Another Michael Jordan
2024-01-25 - The Permian’s Tier 1 acreage opportunities for startup E&Ps are dwindling. Investors are beginning to look elsewhere.