- U.S. crude oil production averaged 13.71 million barrels per day in May, down about 2% from April's record level.
- U.S. crude exports rose to a record 5.73 million barrels per day, extending the prior month's record as supply disruptions through the Strait of Hormuz reshaped flows.
- Higher fuel prices coincided with weaker U.S. consumption: total petroleum demand fell to about 20.07 million barrels per day and distillate demand dropped to its lowest level since June 2020.
- Oil prices rose more than 20% in July amid the U.S.-Israeli war on Iran, leaving gasoline prices elevated despite the seasonal peak in summer driving demand.
Quotes
“the picture is just not clear at all”