US crude oil production hits a record 14.3 million barrels per day: EIA

The Energy Information Administration (EIA) reported that US crude oil production has reached a record high of 14.3 million barrels per day (bopd). The EIA anticipates inventories to increase in 2027 as net imports rise. Commercial crude oil inventories in the US declined to their lowest October level since 2014, due to a surge in exports and a decrease in imports.

The EIA expects approximately 70 billion cubic feet more natural gas to be stored in the US by the end of November compared to their October forecast. A mild start to the month is alleviating pressure on natural gas prices. In the November Short-Term Energy Outlook (STEO), the EIA predicts more US natural gas to be stored throughout the winter, leading to the Henry Hub natural gas spot price averaging $2.87 per million British thermal units from November to March, a 16% decrease from the previous forecast.