US Crude Output Revised Down by 100K b/d

Oil

US crude production has been revised down slightly for this year to 13.2M b/d in the Energy Information Administration’s February Short-Term Energy Outlook. This would put y-o-y growth at 960K b/d compared to 1.25M b/d in 2019. Another 350K b/d of growth is projected for 2021. The EIA has also revised down US refinery runs for 2020 by 160K b/d to an average 17.18M b/d (+620K b/d y-o-y) with levels expected to fall 370K b/d next year. Throughputs are estimated to average 16M b/d (-480K b/d m-o-m) in February but are expected to rebound by 770K b/d in March and rise through 2Q to a record of 17.77M b/d in June.