US oil production rose 72K bpd in April

The EIA is out with its month report today, which is much more accurate than the weekly data. This is for April and it showed a 72,000 barrel per day increase to 13.248 million barrels per day, which is the highest since December.

There has clearly been a stall in momentum since this time last year and there is no sign of a big pickup.

On the demand side, product supplied rose 131k bpd in April to 20.0m bpd. That’s not great as it’s down 0.1% y/y, largely on gasoline.

This article was written by Adam Button at www.forexlive.com.