Last week, U.S. oil production averaged 11.6 million barrels per day according to the EIA. This is a massive 2 million barrels a day more than the same period last year, and 400,000 barrels more than the week earlier. October production was 11.4 million barrels per day and forecasts are that U.S. production can grow to 12.1 million barrels a day on average next year.
In other news, OPEC’s joint ministerial monitoring committee will meet this weekend ahead of next month’s full meeting in Vienna. Saudi Arabia and Russia had agreed to raise production ahead of U.S. sanctions on Iran, but the current market sentiment could prompt a change of plans.
WTI closed at $60.64 per barrel yesterday and natural gas closed at $3.56 per mmbtu.