I do not suppose this may come as a shock to the oil market — which is closed at present — however the EIA says the US crude manufacturing fell to 12.533 mbpd in January, a drop of 6% from December.
portion of that was because of chilly climate freezeoffs however it additionally highlights producer self-discipline. Texas manufacturing fell 5% whereas in North Dakota it fell 13%.
That can seemingly bounce again in February however there may be tentative proof that the breakneck tempo of 2022-23 manufacturing progress is finished. In that case, that ought to enable OPEC to slowly convey again barrels beginning in H2.
This is a superb chart as an example the shale treadmill.
