Weekly Fundamentals – US Net Oil Exports Increase, Sending Inventory Lower Despite Abundant Output

In EIA’s monthly energy report released Friday, it was revealed that US crude oil output gained +0.19M bpd (+2.18% m/m) in February. The rise in monthly production to above 9M bpd, first time in 11 months, was driven by the jump in Lower-48 onshore output which rose +0.22M bpd for the month. Texas, North Dakota, Oklahoma and New Mexico were amongst the states with biggest increases.

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