UPDATE 2-US crude output fell in December to lowest since August 2022 - EIA

(Adds natural gas data) By Stephanie Kelly NEW YORK, Feb 28 (Reuters) - U.S. crude oil production fell in December to 12.10 million barrels per day (bpd), its lowest since August 2022, Energy Information Administration (EIA) data showed on Tuesday. Among the top oil producing states, monthly output in Texas sank 1.2% to 5.15 million bpd, also its lowest since August 2022, the EIA said. In North Dakota, output sank 12.5% to about 950,000 bpd, its lowest since April 2022.

In New Mexico, output grew 2.7% to 1.77 million bpd, the highest on record, the EIA said.

Meanwhile, product supplied - a proxy for demand - of crude and petroleum products fell in December to 19.49 million bpd, the lowest since March 2021, the EIA said.

Product supplied of finished motor gasoline fell in December to 8.57 million bpd, the lowest since January 2022, the EIA said. Gross natural gas production in the U.S. Lower 48 states dropped by 3.1 billion cubic feet per day (bcfd) to 109.2 bcfd in December from a record 112.3 bcfd in November, according to EIA's monthly 914 production report. That was the biggest monthly drop since output plunged by a record 7.9 bcfd during the February freeze of 2021.

In top gas producing states, monthly output in December fell 1.6% to 31.3 bcfd in Texas and 2.3% to 19.7 bcfd in Pennsylvania.

Gas output hit a record high of 31.9 bcfd in Texas in October 2022 and 21.8 bcfd in Pennsylvania in December 2021.
(Reporting by Stephanie Kelly and Scott DiSavino Editing by Marguerita Choy)

Messaging: stephanie.kelly.thomsonreuters.com@reuters.net))

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

UPDATE 2-US crude output fell in December to lowest since August 2022 - EIA

By Reuters

Reuters

Reuters

Gold has a path to $4,000 as U.S. credibility crumbles - WisdomTree’s Nitesh Shah

Why gold revaluation charts put prices at $25,000-$55,000 if history rhymes, silver poised for breakout: Crescat Capital Strategist

Whether 145% or 10%, tariff uncertainty is enough to stop U.S. gold and silver imports, distort the metals market at all levels – Experts

Gold price plummets as U.S.-China trade relations thawing

Gold price down a bit amid better risk appetite