US crude output down 1pc in June: Update
The EIA also released revised monthly US crude production data for January through May, which were between 40,000 b/d to 130,000 b/d lower than production reported using the older method.
Production in June averaged 9.3mn b/d, a drop of about 120,000 b/d from the revised figure for May, EIA said, showing that the drop in US drilling is finally starting to curtail output. June output was down just 1,500 b/d using the old method.
The revised figures for January through May moved crude markets higher, said Tudor Pickering Holt analyst David Pursell. The reported production drop in June was "the icing on the cake" for the market rally, he said.
The WTI Nymex contract moved up by \\$3.98/bl to settle at \\$49.20/bl, the highest close since 21 July.
In Texas, the EIA figures for January to May were revised downward by between 100,000 b/d to 150,000 b/d. Texas production in May was revised lower by 150,000 b/d to 3.53mn b/d, while the estimate for April was moved lower by about 130,000 b/d to 3.59mn b/d.
Texas production in June averaged 3.46mn b/d, down by about 66,000 b/d from the revised estimate for May.
The estimated output in New Mexico for June is about 421,000 b/d, about 11,000 b/d lower than the revised estimate for May. In North Dakota, home of the Bakken shale, the June average is 1.2mn b/d, up by about 7,000 b/d from the revised estimate for May.
Output in the Gulf of Mexico for May was revised higher by 45,000 b/d and production in April was revised higher by about 55,000 b/d.
The EIA's new methodology shifts away from using state-generated data to direct surveys of oil producers in 15 states, including Texas, Oklahoma, Louisiana, North Dakota and New Mexico. The agency uses a similar method to calculate monthly natural gas output. The EIA made the changes because crude production data from state agencies — including the Texas Railroad Commission — is often incomplete or lagging.
The survey-based approach improves estimates by representing more than 90pc of US oil production, the EIA said.
| New EIA method | Old EIA method | Difference | |
| January | 9,270.1 | 9,326.8 | -56.7 |
| February | 9,351.0 | 9,455.3 | -104.3 |
| March | 9,567.3 | 9,667.2 | -99.9 |
| April | 9,612.4 | 9,696.1 | -83.7 |
| May | 9,399.9 | 9,505.3 | -105.5 |
| June | 9,296.5 | 9,503.7 | -207.3 |
| Source: Energy Information Administration | |||
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