🤯 Have you seen our AI stock pickers’ 2024 results? 84.62%! Grab November’s list now.Pick Stocks with AI

US oil output hits monthly record high in August, agency says

Published 10/31/2024, 01:00 PM
Updated 10/31/2024, 02:45 PM
© Reuters. FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo
NG
-

(Reuters) -U.S. oil production rose 1.5% in August to a monthly record high of 13.4 million barrels per day, the U.S. Energy Information Administration said in its monthly oil and natural gas production report.

That topped the prior record high of 13.31 million bpd in December 2023, the data showed.

In top oil-producing states, output in Texas rose 1.7% in August to a record 5.82 million bpd, while New Mexico's output increased 2.8% to a record 2.09 million bpd.

That compared with previous record highs of 5.76 million bpd in June in Texas and 2.04 million bpd in July in New Mexico.

Gross natural gas production in the U.S. Lower 48 states, meanwhile, eased by about 0.6% in August to 115.9 billion cubic feet per day, according to the agency's 914 production report.

That compared with a monthly record high of 118.2 bcfd in December 2023.

In top gas-producing states, monthly output in Texas rose 1.2% to a record high of 36.1 bcfd in August, but fell 4.4% to a three-month low of 20.0 bcfd in Pennsylvania.

That compares with prior monthly record highs of 35.6 bcfd in July in Texas and 21.9 bcfd in December 2021 in Pennsylvania.

© Reuters. FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo

U.S. crude and petroleum products supplied, or demand, rose in August to 20.7 million bpd, the highest reading since May, according to the agency's data.

Demand for finished motor gasoline fell in August to 9.3 million bpd, the lowest level since June, while demand for distillate fuel oil rose in August to 3.9 million bpd, the highest level since February.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.