US Crude Oil Production Hits New Records Amid Record-Breaking Canadian Shipments

US crude oil production has set new records for the third week in a row, with an output of 13.939 million barrels per day as reported by the Energy Information Administration through September 18. This is down 5,000 daily barrels from the previous week but still just 8,000 barrels under the all-time record set before that.

The year-to-date average production has risen 2% compared to last year, reaching 13.7 million barrels per day. Commercial stockpiles have increased by 3 million barrels this week and now stand at over 426 million, up 12 million from the same period last year and above the five-year average.

US crude shipments from Canada have dropped to their lowest level of the year so far, with an average of 3.2 million barrels per day for the week ending September 18, down by 25% compared to the previous week. The Strategic Petroleum Reserves have decreased by another 400,000 barrels to just over 284 million, representing a drop of 30% or 121 million barrels from last year.