EIA sees a larger fall in US output

  • EIA sees crude output at 11.02m bpd this year
  • Sees output at 11.73m bpd next year

The drop in estimated production is almost completely covered next year. I would be surprised to see that much production growth in the US given the draw on DUCs and the lack of drilling.

Meanwhile, the White House said its speaking with US oil and gas producers on how the industry can help bring down prices, according to a report.

Add this to the inflationary debate as well:

Compared with last winter's heating costs, EIA forecasts U.S. households will spend 54% more for propane, 43% more for heating oil, 30% more for natural gas, and 6% more for electric heating. U.S. households will spend even more if the weather is colder than expected.

They also note that the National Oceanic and Atmospheric Administration expects a slightly colder winter this year than last year