Houston Chronicle

Crude oil production and exports soared during the last week of February while U.S. inventories grew slightly, a new report from the Department of Energy showed.

Report: Crude oil exports soar while U.S. inventory grows slightly- oil and gas 360

Source: Houston Chronicle

During the last week of February, the United States produced a record 13.1 million barrels of crude oil per day and exported nearly 4.2 million barrels of that production, a Wednesday morning report from the Department of Energy shows.

Production was up 100,000 barrels per day from the previous week while exports were up nearly 500,000 barrels per day.

However, those gains in exports did not offset commercial crude oil inventories, which were at 444.1 million barrels — up roughly 800,000 barrels from one weak prior.

The inventory comes at a time when crude oil prices are weak. West Texas Intermediate crude oil is trading was trading in the $47 per barrel range amid a global supply glut attributed to weaker demand in China where the coronavirus outbreak has cut imports.

Some fear that largest drop in oil demand in history is underway due to the outbreak and that it could be even worse than that experienced during the 2008 financial crisis, analysts at the research firm IHS Markit said Wednesday.

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