U.S. oil production and demand rose to a four-month high in April, according to the Energy Information Administration’s (EIA) Petroleum Supply Monthly report published on Friday.
Total U.S. field production of crude oil rose by 72,000 barrels per day (bpd) month-over-month to 13.25 million bpd, the highest since December.
Product supplied of crude oil and petroleum products, EIA’s measure of demand, rose to 20 million bpd in April, up 131,000 bpd from March and also the highest so far this year.
“Versus the STEO (EIA Short Term Energy Outlook) report, demand surprised to the upside by almost 0.5 (million) bpd, while crude production was less high, implying a tighter market in April,” Giovanni Staunovo, analyst at UBS, a bank, said in a report.
“All major products: gasoline, distillate and jet were higher versus STEO estimates,” Staunovo said.
Gross natural gas production in the U.S. Lower 48 states fell for a second month in a row to 114.0 billion cubic feet per day (bcfd) in April, down from 114.9 bcfd in March, according to EIA’s monthly 914 production report.
That compares with a monthly record 118.2 bcfd in December 2023.
In top gas-producing states, monthly output in April fell to a three-month low of 34.6 bcfd in Texas and rose to a two-month high of 19.5 bcfd in Pennsylvania.
That compares with monthly record highs of 35.0 bcfd in Texas in December 2023 and 21.9 bcfd in Pennsylvania in December 2021.
(Reporting by Shariq Khan and Scott DiSavino in New York; Editing by Josie Kao)