Energy
US Crude Production Up 100,000 Barrels a Day in November
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In its monthly report on crude oil and natural gas production released Tuesday, the U.S. Energy Information Administration (EIA reported November crude oil production of 8.904 million barrels, up 2.7% compared with the October level of 8.799 million barrels a day and up 3.9% from the September level of 8.567 million barrels. September’s level was the lowest since March of 2014.
On a percentage increase basis, crude oil production grew most in Pennsylvania and in federal waters in the Gulf of Mexico. Production in Pennsylvania rose 5.9% to 16,000 barrels a day and in the Gulf jumped 5.6% to 1.861 million barrels a day in November.
Again on a percentage basis, natural gas production rose the most month over month in Alaska (11.7%) and Pennsylvania (7.0%). Alaskan production totaled 9.799 million cubic feet per day, and Pennsylvanian production rose to 14.56 million cubic feet per day.
For the United States as a whole, natural gas production rose 2.2% to 89.508 million cubic feet per day. Texas produced 21.248 million cubic feet of natural gas in November, down 1.2% month over month.
Texas was also the national leader in crude oil production in November with a total of 3.195 million barrels a day, up 0.6% month over month. North Dakota’s production dipped 0.7% to 1.029 million barrels a day, and Alaska’s production rose 3.7% to 513,000 barrels a day.
Compared with November of 2015, crude production remains down 4.3%, but is up 1% in the Lower 48 states. Alaska’s production was down 1.9% year over year in November from 545,000 barrels a day to 505,000.
Even while crude production has risen in Texas, the state’s production is still 6.3% below the 3.409 million barrels a day pumped in November 2015.
Crude oil prices have added about $10.50 a barrel as of Tuesday. Crude for March delivery traded at $53.33, up about 1.4%, compared with a closing price of $42.87 on the last trading day of January 2016.
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