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The U.S. Energy Information Administration (EIA) released its weekly petroleum status report this morning. The big news is U.S. crude oil inventories are at their highest level since the EIA began ...
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During the pandemic, weekly crude oil production dropped to a low of 9,700,000 barrels per day. As of week ending May 5, 2023, crude oil production had returned to pre-pandemic levels of 12,300,000 barrels per day. [5] By 2021 the US was the world's largest producer. [6]
The federal government's EIA report revealed that crude inventories rose by 3.1 million barrels, compared to the 1.3 million barrels increase that energy analysts had expected.
Graph of weekly Cushing Stocks excluding SPR of Crude Oil from 2004 to 2018. The city of Cushing in Oklahoma is a central hub within the United States and worldwide oil industry. It connects major pipelines within the United States and is the location where the oil futures contracts end up being delivered.
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