US crude output rose to 13.95 million bpd in July
In short
US crude oil production rose to 13.95 million barrels a day in July, while demand for crude oil and petroleum products fell to 20.61 million barrels a day. Gross natural gas output reached 137.0 billion cubic feet a day, and Texas produced 40.1 billion cubic feet a day.
This matters for oil and gas markets because supply rose while demand fell. The report does not say why production increased or why demand dropped.
What the reporting says
US crude oil production climbed to 13.95 million barrels per day in July, while demand for crude oil and petroleum products fell to 20.61 million barrels per day, according to the EIA summary. Gross natural gas production also reached 137.0 billion cubic feet per day, with Texas at 40.1 billion cubic feet per day and Pennsylvania slightly lower. The report does not explain the drivers of the shifts.
Why it matters
US crude oil production climbed to 13.95 million barrels per day in July, while demand for crude oil and petroleum products fell to 20.61 million barrels per day, according to the EIA summary. Gross natural gas production reached 137.0 billion cubic feet per day, with Texas at 40.1 billion cubic feet per day and Pennsylvania slightly lower. The reporting does not give reasons for the changes.