U.S. oil production rose to 10.4 million bpd in June- EIA - Inside Financial Markets

U.S. oil production rose to 10.4 million bpd in June- EIA

U.S. oil production rose in June, but did not fully recover from a dramatic plunge in May, according to a government report on Monday.

U.S. oil output rose 420,000 barrels per day in June to 10.436 million barrels a day, the U.S. Energy Information Administration said in a monthly report on Monday. Production remained far below April levels of 11.99 million bpd.

Production in June rose in top oil producing state Texas by 227,000 bpd and also rose in North Dakota, while dropping 49,000 bpd in the offshore Gulf of Mexico, the report said.

U.S. oil output had dropped sharply in the previous month as producers had scaled back as oil prices sank and demand fell due to the coronavirus pandemic and global oversupply.

Monthly gross natural gas production in the U.S. Lower 48 states, meanwhile, rose 1.6 billion cubic feet per day (bcfd) in June to 99.1 bcfd, rising from its May level, which was the lowest monthly average since October 2018, according to the EIA 914 report.

In Texas, the biggest gas producing state, output rose by 0.9 bcfd. A lot of the gas in Texas is associated gas from oil production.

In Pennsylvania, the second-biggest gas-producing state, output rose 0.3 bcfd to 18.96 bcfd in June.

Syed Zaki Hussain

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