Energy Prospectus

From Seeking Alpha;

<<U.S. oil production shatters monthly record at 12.4M bbl/day
Oct. 31, 2019 7:56 PM ET|About: The United States Oil ETF, LP (USO)|By: Carl Surran, SA News Editor

U.S. crude production surged 600K bbl/day in August to a record 12.4M barrels, enhancing the U.S. as the world's top oil producer, according to new data from the Energy Information Administration.

Gulf of Mexico oil production jumped by 469K bbl/day - a 30% increase - in August to a record for the region at slightly more than 2M bbl/day.

Texas production rose 98K bbl/day and North Dakota added 28K bbl/day, the EIA says.

Also, monthly gross natural gas production in the lower 48 states increased by 2.6B cf/day to an all-time high of 104.2B cf/day in August.

Production from Texas, the biggest gas producing state, gained 1.9% to a record high of 28.5B cf/day.

As I have posted here many times: U.S. production rebounded in August from the results of Hurricane Barry GOM shut-ins in July.

The increase from July to August will not be repeated with the active rig count dropping like a rock.

See this table https://www.eia.gov/petroleum/production/pdf/table2.pdf

As you can see, U.S. oil production in August is only 366,000 BOPD higher than it was in December.
At the beginning of this year, EIA forecast that U.S. oil production would exit 2019 at approximately 13.4 MMBOPD (up from 12.0 MMBOPD at the end of 2018).

BTW note that EIA lists May twice in the table. Just one example of how inaccurate the data is on the EIA website.